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
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
(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: 7/31/06
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, 2006 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 156.4%
PENNSYLVANIA 149.4%
$ 2,000 Abington, PA Sch Dist Ser A (FSA Insd) 5.000 % 04/01/32 $ 2,067,480
3,000 Allegheny Cnty, PA Arpt Auth Pittsburgh Intl Arpt Rfdg
(AMT) (FGIC Insd) 5.750 01/01/18 3,140,760
2,000 Allegheny Cnty, PA Higher Ed Bldg Carnegie Mellon
Univ 5.125 03/01/32 2,055,860
2,750 Allegheny Cnty, PA Higher Ed Bldg Carnegie Mellon
Univ 5.250 03/01/32 2,854,170
1,360 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys Ser A
(MBIA Insd) 6.500 11/15/30 1,513,626
3,145 Allegheny Cnty, PA Hosp Dev Auth Rev OH Vly Gen
Hosp Proj Ser A 5.125 04/01/35 3,160,945
1,250 Allegheny Cnty, PA Indl Dev Auth Lease Rev Residential
Res Inc Proj (a) 5.125 09/01/31 1,246,787
3,000 Allegheny Cnty, PA Port Auth Spl Rev Trans (FGIC Insd) 5.000 03/01/29 3,070,980
2,000 Allegheny Cnty, PA Port Auth Spl Rev Trans
(Prerefunded @ 03/01/09) (MBIA Insd) 6.000 03/01/24 2,128,020
1,300 Allegheny Cnty, PA Redev Auth Tax Increment Rev
Robinson Mall Proj Ser A 7.000 11/01/17 1,391,897
635 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family (AMT) (GNMA Collateralized) 7.100 05/01/24 635,813
445 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser II-1 (AMT) (GNMA Collateralized) 5.800 05/01/21 460,005
615 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser II-2 (AMT) (GNMA Collateralized) 5.800 11/01/20 636,211
3,745 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser KK-2 (AMT) (GNMA Collateralized) (b) 5.750 05/01/33 3,842,557
1,510 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser MM (AMT) (GNMA Collateralized) 5.200 05/01/33 1,525,523
1,000 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser RR (AMT) (GNMA Collateralized) 4.750 11/01/25 977,110
1,775 Allegheny Cnty, PA Residential Fin Auth Mtg Rev
Single Family Ser TT (AMT) (GNMA Collateralized) (c) 4.900 11/01/26 1,755,315
1,000 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.750 12/01/13 1,083,630
460 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) 5.500 12/01/30 488,032
2,220 Allegheny Cnty, PA San Auth Swr Rev (Prerefunded @ 12/01/10) (MBIA Insd) 5.750 12/01/17 2,406,014
1,830 Allegheny Cnty, PA San Auth Swr Rev (Prerefunded @ 12/01/10) (MBIA Insd) 5.750 12/01/18 1,983,336
3,725 Allegheny Cnty, PA San Auth Swr Rev Ser A Rfdg (MBIA Insd) 5.000 12/01/30 3,846,807
1,705 Armstrong, PA Sch Dist (XLCA Insd) (c) 5.250 03/15/25 1,827,317
1,335 Bentworth, PA Sch Dist Ser B (FSA Insd) 5.000 03/15/28 1,389,241
1,695 Berks Cnty, PA Muni Auth Albright College Proj (c) 5.500 10/01/16 1,798,598
1,800 Berks Cnty, PA Muni Auth Albright College Proj (c) 5.500 10/01/17 1,902,222
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 6,512,520
4,460 Bethlehem, PA Auth Wtr Gtd (FSA Insd) 5.000 11/15/19 4,689,779
1,000 Bradford Cnty, PA Indl Dev Auth Solid Waste Disp
Rev Intl Paper Ser B Rfdg (AMT) 5.200 12/01/19 998,120
1,270 Bucks Cnty, PA Auth Wtr & Swr Rev Swr Sys (AMBAC Insd) (c) 5.375 06/01/16 1,359,471
1,150 Bucks Cnty, PA Wtr & Swr Rev Neshaminy Interceptor Ser A
(AMBAC Insd) (c) 5.375 06/01/14 1,229,879
1,215 Bucks Cnty, PA Wtr & Swr Rev Neshaminy Interceptor Ser A
(AMBAC Insd) (c) 5.375 06/01/15 1,299,394
1,000 Canon McMillan Sch Dist PA Ser B (FGIC Insd) 5.500 12/01/29 1,052,570
2,725 Carbon Cnty, PA Indl Dev Auth Panther Creek Partn Proj
Rfdg (AMT) (LOC: Paribas & Union Bk of CA Intl) 6.650 05/01/10 2,872,259
1,430 Catasauqua, PA Area Sch Dist (FSA Insd) 5.000 02/15/31 1,481,008
2,100 Catasauqua, PA Area Sch Dist (FSA Insd) 5.000 02/15/36 2,169,972
900 Central Dauphin, PA Sch Dist (MBIA Insd) 6.000 02/01/19 1,027,728
5,500 Central Dauphin, PA Sch Dist (FSA Insd) 5.000 12/01/19 5,770,215
1,370 Central Greene, PA Sch Dist Ser B Rfdg (FSA Insd) (c) 5.000 02/15/23 1,433,993
1,435 Central Greene, PA Sch Dist Ser B Rfdg (FSA Insd) (c) 5.000 02/15/24 1,499,747
1,000 Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev
Asbury Hlth Ctr Rfdg 6.375 12/01/19 1,033,860
1,000 Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev
Asbury Hlth Ctr Rfdg 6.375 12/01/24 1,035,030
3,000 Cheltenham Twp, PA (AMBAC Insd) 5.000 01/01/28 3,114,660
3,555 Chester Cnty, PA Indl Dev Auth Rev Collegium Charter
Sch Proj Ser A (ACA Insd) 5.500 04/15/31 3,688,704
1,500 Crawford Cnty, PA Hosp Auth Sr Living Fac Rev
Westbury Utd Methodist Cmnty 6.250 08/15/29 1,538,025
1,000 Cumberland Cnty, PA Muni Auth Dickinson College Ser A
(AMBAC Insd) (Prerefunded @ 11/01/10) 5.500 11/01/30 1,066,680
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 5,584,900
2,000 Delaware Cnty, PA Auth College Cabrini College (Radian Insd) 5.750 07/01/23 2,081,680
2,295 Delaware Cnty, PA Auth College Neumann College Rfdg (c) 5.875 10/01/21 2,406,009
2,000 Delaware Cnty, PA Auth College Neumann College Rfdg 6.000 10/01/31 2,083,920
1,000 Delaware Cnty, PA Auth Rev White Horse Vlg Proj Ser A
Rfdg (Prerefunded @ 07/01/10) 7.625 07/01/30 1,139,310
1,750 Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac (AMT)
(FGIC Insd) 6.000 06/01/29 1,858,640
2,750 Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc
Proj Ser A (AMT) (FGIC Insd) 5.000 11/01/37 2,800,160
9,300 Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc
Proj Ser B (AMT) (FGIC Insd) 5.000 11/01/36 9,476,607
4,000 Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc
Proj Ser C (AMT) (FGIC Insd) 5.000 02/01/35 4,070,680
2,500 Delaware Cnty, PA Indl Dev Auth Wtr Fac PA Suburban Wtr
(AMT) (AMBAC Insd) 5.350 10/01/31 2,597,875
1,230 Delaware Cnty, PA Regl Wtr Qual Ctl Auth Swr Rev (MBIA Insd) 5.250 05/01/19 1,315,436
1,480 Delaware Cnty, PA Regl Wtr Qual Ctl Auth Swr Rev (MBIA Insd) (c) 5.250 05/01/21 1,581,794
1,555 Delaware Cnty, PA Regl Wtr Qual Ctl Auth Swr Rev (MBIA Insd) (c) 5.250 05/01/22 1,661,953
8,000 Delaware Vly, PA Regl Fin Auth 5.750 07/01/17 8,909,600
2,000 Downingtown, PA Area Sch Dist (FSA Insd) 5.250 04/01/15 2,113,640
2,800 Erie, PA Sch Dist (Prerefunded @ 09/01/10) (AMBAC Insd) 5.800 09/01/29 3,011,512
2,735 Exeter Twp, PA Sch Dist (FGIC Insd) 5.000 05/15/25 2,829,303
6,980 Falls Twp, PA Hosp Auth Hosp Rev DE Vly Med Rfdg (FHA Gtd) 7.000 08/01/22 7,026,975
1,000 Fayette Cnty, PA (Prerefunded @ 11/15/10) (AMBAC Insd) 5.625 11/15/28 1,072,150
6,575 Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd) (c) 5.000 07/15/21 6,852,925
1,000 Harveys Lake Genl Muni Auth PA College Rev College
Misericordia Proj (ACA Insd) 6.000 05/01/19 1,045,260
2,345 Jenkintown, PA Sch Dist Ser A (FGIC Insd) 5.000 05/15/28 2,407,025
1,985 Jim Thorpe, PA Area Sch Dist (FSA Insd) (c) 5.000 03/15/25 2,064,539
3,500 Lancaster, PA Higher Ed Auth Rev Franklin & Marshall College 5.000 04/15/22 3,640,350
1,000 Lebanon Cnty, PA Hlth Fac Pleasant View Auth Hlth Ctr Rev
Retirement Ser A 5.125 12/15/20 989,020
1,510 Lehigh Cnty, PA Gen Purp Auth Cedar Crest College Rfdg
(Radian Insd) 5.000 04/01/26 1,544,186
2,000 Lehigh Cnty, PA Gen Purp Auth Good Shepherd Grp Ser A 5.500 11/01/24 2,080,200
1,000 Lehigh Cnty, PA Gen Purp Auth Good Shepherd Grp Ser A 5.625 11/01/34 1,046,630
1,800 Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint Lukes
Bethlehem 5.250 08/15/23 1,848,834
1,750 Lehigh Cnty, PA Gen Purp Auth Rev Hosp Saint Lukes Bethlehem 5.375 08/15/33 1,806,297
1,240 Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Ser A Rfdg
(AMT) (MBIA Insd) (c) 5.000 01/01/20 1,275,551
1,360 Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Ser A Rfdg
(AMT) (MBIA Insd) (c) 5.000 01/01/22 1,394,218
675 Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Ser A Rfdg
(AMT) (MBIA Insd) 5.000 01/01/23 690,565
1,500 Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA Insd) 6.000 05/15/25 1,596,525
2,700 Lehigh Northampton, PA Arpt Ser A (AMT) (MBIA Insd) 6.000 05/15/30 2,873,745
2,050 Luzerne Cnty, PA Ser A (MBIA Insd) 5.250 11/15/19 2,191,471
8,290 Luzerne Cnty, PA Ser A (MBIA Insd) 5.250 11/15/25 8,705,909
6,650 Lycoming Cnty, PA Auth College Rev PA College of Technology
(AMBAC Insd) 5.350 07/01/26 6,939,342
5,000 Lycoming Cnty, PA Auth College Rev PA College of Technology
(AMBAC Insd) 5.375 07/01/30 5,224,150
1,000 Mercer Cnty, PA (FGIC Insd) 5.500 10/01/15 1,074,400
5,000 Mercer Cnty, PA Indl Dev Auth Wtr Fac Philadelphia Sub Corp
(AMT) (MBIA Insd) 6.000 07/01/30 5,339,400
1,000 Mifflin Cnty, PA Hosp Auth (Radian Insd) 6.200 07/01/25 1,089,620
2,500 Mifflin Cnty, PA Hosp Auth Rev (Radian Insd) 6.200 07/01/30 2,719,825
3,755 Mifflin Cnty, PA Ser A (FGIC Insd) (c) 5.000 09/01/31 3,846,772
3,000 Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr 6.000 01/01/43 3,167,700
6,500 Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev Abington
Mem Hosp Ser A 5.125 06/01/32 6,619,535
4,685 Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Arcadia Univ
(Radian Insd) (c) 5.000 04/01/21 4,838,855
5,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Arcadia Univ
(Radian Insd) 5.000 04/01/27 5,109,300
2,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Arcadia Univ
(Radian Insd) 5.000 04/01/36 2,034,380
5,000 Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Dickinson
College Proj Ser FF-1 (CIFG Insd) 5.000 05/01/28 5,185,200
3,900 Montgomery Cnty, PA Indl Dev Auth Rev Res Rec Montenay Proj
Ser A (MBIA Insd) 5.250 11/01/14 4,228,614
4,000 Moon Area Sch Dist PA (FSA Insd) 5.000 11/15/25 4,170,280
2,345 Moon Indl Dev Auth PA Ed Fac Rev Ellis Sch Proj
(Prerefunded @ 03/01/09) 5.800 03/01/25 2,458,803
1,500 Mount Lebanon, PA Hosp Auth Saint Clair Mem Hosp Ser A 5.625 07/01/32 1,561,065
630 New Castle, PA San Auth Swr Rfdg (MBIA Insd) 5.000 06/01/24 642,827
4,300 North Hills, PA Sch Dist (FSA Insd) (c) 5.250 12/15/26 4,596,743
1,225 Northampton Twp, PA (FGIC Insd) (c) 5.375 05/15/15 1,302,775
2,625 Norwin, PA Sch Dist (FSA Insd) 5.000 04/01/35 2,713,279
2,100 Owen J. Roberts Sch Dist PA (FSA Insd) 5.000 05/15/27 2,186,478
1,000 Pennsylvania Econ Dev Fin Auth Res Recovery Rev Colver Proj
Ser G Rfdg (AMT) 5.125 12/01/15 991,450
1,000 Pennsylvania Econ Dev Fin Auth Solid Waste Disp Rev Waste
Management Inc Proj Ser A (AMT) 5.100 10/01/27 1,011,830
1,450 Pennsylvania Econ Dev Fin York Wtr Co Proj Ser A (AMT) (XLCA Insd) 5.000 04/01/16 1,513,974
3,500 Pennsylvania Hsg Fin Agy Ser 94-A (AMT) 5.100 10/01/31 3,534,230
520 Pennsylvania Hsg Fin Agy Single Family Mtg Ser 66A (AMT) 5.650 04/01/29 527,805
985 Pennsylvania Hsg Fin Agy Single Family Mtg Ser 90A (AMT) 4.700 10/01/25 972,323
1,000 Pennsylvania St Higher Ed Clarion Univ Fndtn Inc Ser A
(XLCA Insd) 5.000 07/01/28 1,027,900
2,500 Pennsylvania St Higher Ed Fac Auth Rev Allegheny College 4.800 05/01/36 2,470,525
3,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ (c) 5.500 05/01/16 3,214,440
4,000 Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ (c) 5.500 05/01/17 4,277,280
5,500 Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ 5.500 05/01/34 5,664,340
1,300 Pennsylvania St Higher Ed Fac Auth Rev Lycoming College
Assn Indpt (Radian Insd) 5.250 11/01/19 1,370,603
1,000 Pennsylvania St Higher Ed Fac Auth Rev Philadelphia Univ 5.000 06/01/35 995,390
2,335 Pennsylvania St Higher Ed Fac Auth Rev Slippery Rock Univ
Fndtn Ser A (XLCA Insd) (c) 5.000 07/01/22 2,434,705
2,570 Pennsylvania St Higher Ed Fac Auth Rev Slippery Rock Univ
Fndtn Ser A (XLCA Insd) (c) 5.000 07/01/24 2,670,127
2,835 Pennsylvania St Higher Ed Fac Auth Rev Slippery Rock Univ
Fndtn Ser A (XLCA Insd) (c) 5.000 07/01/26 2,937,003
4,770 Pennsylvania St Higher Ed Fac Auth Rev Thomas Jefferson Univ 5.375 01/01/25 5,026,006
6,000 Pennsylvania St Higher Ed Fac Auth Rev Univ Sciences Philadelphia
Ser A (XLCA Insd) 5.000 11/01/36 6,164,340
6,600 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A
(FSA Insd) 5.000 08/01/29 6,741,834
7,850 Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys Ser A 6.000 01/15/31 8,502,100
1,500 Pennsylvania St Higher Ed Fac Clarion Univ Fndtn Inc Ser A
(XLCA Insd) 5.250 07/01/18 1,590,405
1,500 Pennsylvania St Higher Ed Fac Clarion Univ Fndtn Inc Ser A
(XLCA Insd) 5.000 07/01/33 1,535,595
3,000 Pennsylvania St Higher Ed Fac Messiah College Ser AA3
(Radian Insd) 5.500 11/01/22 3,192,210
1,000 Pennsylvania St Higher Ed Geneva College Proj 6.125 04/01/22 1,065,750
1,200 Pennsylvania St Tpk Commn Tpk Rev Ser A (AMBAC Insd) 5.250 12/01/21 1,287,756
3,500 Pennsylvania St Tpk Commn Tpk Rev Ser A (AMBAC Insd) 5.000 12/01/26 3,653,160
4,505 Pennsylvania St Tpk Commn Tpk Rev Ser T Rfdg (FGIC Insd) 5.500 12/01/13 4,963,023
2,000 Pennsylvania St Univ 5.000 09/01/29 2,074,560
4,000 Pennsylvania St Univ 5.000 09/01/35 4,128,040
1,390 Pennsylvania St Univ Rfdg 5.250 08/15/14 1,512,403
1,970 Pennsylvania St Univ Rfdg 5.250 03/01/18 2,104,768
1,550 Perkiomen Valley Sch Dist PA Ser A (FSA Insd) 5.250 03/01/28 1,636,676
3,000 Philadelphia, PA (FSA Insd) 5.250 09/15/25 3,119,430
3,000 Philadelphia, PA (FSA Insd) 5.000 03/15/28 3,058,680
1,250 Philadelphia, PA Arpt Rev Ser A (AMT) (MBIA Insd) 5.000 06/15/23 1,287,400
11,160 Philadelphia, PA Auth for Indl Ser B (FSA Insd) 5.500 10/01/17 12,013,852
4,000 Philadelphia, PA Auth for Indl Ser B (FSA Insd) 5.125 10/01/26 4,153,160
4,005 Philadelphia, PA Auth Indl Dev Amern College of Physicians (c) 5.500 06/15/27 4,139,168
2,250 Philadelphia, PA Auth Indl Dev Philadelphia Arpt Sys Proj
Ser A(AMT) (FGIC Insd) 5.125 07/01/19 2,329,943
2,500 Philadelphia, PA Auth Indl Dev Philadelphia Arpt Sys Proj
Ser A (AMT) (FGIC Insd) 5.250 07/01/28 2,568,900
3,500 Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance Seventeenth
Ser (FSA Insd) 5.375 07/01/19 3,715,390
1,700 Philadelphia, PA Gas Wks Rev Eighteenth Ser (AGL Insd) 5.250 08/01/21 1,797,155
5,000 Philadelphia, PA Gas Wks Rev Second Ser (FSA Insd) 5.250 07/01/29 5,185,400
4,080 Philadelphia, PA Gas Wks Rev Twelfth Ser B (Escrowed to Maturity)
(MBIA Insd) 7.000 05/15/20 4,859,810
1,000 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Chestnut Hill
College 6.000 10/01/29 1,013,840
1,455 Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Cmnty College
Ser B Rfdg (MBIA Insd) (c) 6.500 05/01/09 1,554,668
1,645 Philadelphia, PA Pkg Auth Rev Ser A (AMBAC Insd) 5.250 02/15/29 1,695,222
4,675 Philadelphia, PA Redev Auth Rev Neighborhood Trans Ser A
(FGIC Insd) 5.250 04/15/12 4,997,014
1,905 Philadelphia, PA Redev Auth Rev Neighborhood Trans Ser A
(FGIC Insd) 5.500 04/15/16 2,055,819
500 Pittsburgh & Allegheny Cnty, PA Pub Aud Hotel Room (AMBAC Insd) 5.125 02/01/35 514,455
16,000 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd) 5.000 02/01/24 16,489,440
4,990 Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd) 5.000 02/01/29 5,087,704
2,215 Pittsburgh, PA Pub Pkg Auth Rev Ser A Rfdg (FGIC Insd) 5.000 12/01/25 2,292,525
2,000 Pittsburgh, PA Pub Pkg Auth Rev Ser B (FGIC Insd) 5.000 12/01/23 2,076,180
5,140 Pittsburgh, PA Ser A (AMBAC Insd) 5.500 09/01/17 5,489,057
2,000 Pittsburgh, PA Ser A (Prerefunded @ 09/01/09) (FGIC Insd) 5.750 09/01/21 2,110,900
3,000 Pittsburgh, PA Ser A (Prerefunded @ 09/01/09) (FGIC Insd) 5.750 09/01/22 3,166,350
4,860 Pittsburgh, PA Ser A (Prerefunded @ 03/01/12) (AMBAC Insd) 5.500 09/01/17 5,266,393
5,000 Pittsburgh, PA Ser B Rfdg (FSA Insd) 5.250 09/01/17 5,428,650
1,000 Pittsburgh, PA Urban Redev Auth Cent Triangle Tax Increment
Ser A 6.100 05/01/19 1,045,160
1,755 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser A (AMT) (GNMA
Collateralized) 5.000 10/01/36 1,759,107
1,495 Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C Rfdg (AMT) (GNMA
Collateralized) 5.700 04/01/30 1,517,246
1,885 Pittsburgh, PA Wtr & Swr Sys Auth Rev (MBIA Insd) (c) 5.000 09/01/24 1,959,552
3,505 Pittsburgh, PA Wtr & Swr Sys Rev First Lien (MBIA Insd) (c) 5.000 09/01/23 3,648,950
1,500 Radnor Twp, PA Sch Dist Ser B (FSA Insd) 5.000 02/15/28 1,557,990
2,000 Rostraver Twp, PA (AMBAC Insd) (Prerefunded @ 07/01/10) 5.500 07/01/24 2,127,440
1,000 Saxonburg, PA Area Auth Swr & Wtr Rev (AGL Insd) 5.000 03/01/30 1,033,420
1,500 Saxonburg, PA Area Auth Swr & Wtr Rev (AGL Insd) 5.000 03/01/35 1,544,265
4,390 Souderton, PA Area Sch Dist (FGIC Insd) 5.000 11/15/22 4,591,413
1,000 Southcentral, PA Gen Auth Rev Hanover Hosp Inc (Radian Insd) 5.000 12/01/30 1,018,980
4,100 Southcentral, PA Gen Auth Rev Wellspan (MBIA Insd) (Prerefunded
@ 05/15/11) (c) 5.375 05/15/28 4,407,787
900 Southcentral, PA Gen Auth Rev Wellspan (MBIA Insd) (c) 5.375 05/15/28 954,369
1,000 State Pub Sch Bldg Auth PA Delaware Cnty College Proj (Prerefunded
@ 10/01/10) (MBIA Insd) 5.750 10/01/16 1,075,030
1,970 State Pub Sch Bldg Auth PA Montgomery Cnty Cmnty College Proj
(AMBAC Insd) (c) 5.000 05/01/23 2,048,406
895 State Pub Sch Bldg Auth PA Sch Conneaut Sch Dist (FGIC Insd) (c) 5.250 11/01/23 953,846
2,360 State Pub Sch Bldg Auth PA Sch Rev Jefferson Cnty Dubois Tech
Sch (FGIC Insd) (c) 5.375 02/01/23 2,548,446
1,600 State Pub Sch Bldg Auth PA Sch Rev Lease Colonial Inter
Unit 20 (FGIC Insd) 5.000 05/15/30 1,653,328
1,270 State Pub Sch Bldg Auth PA Sch Tuscarora Sch Dist Proj (FSA Insd)
(Prerefunded @ 04/01/13) (c) 5.250 04/01/21 1,371,664
2,545 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser A (AMT)
(AMBAC Insd) (c) 5.500 01/01/18 2,697,751
2,140 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser A (AMT)
(AMBAC Insd) 5.375 01/01/21 2,241,329
5,205 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser A (AMT)
(AMBAC Insd) 5.375 01/01/23 5,445,575
5,500 Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Ser D 5.375 01/01/18 5,440,600
1,950 Swarthmore Boro Auth PA College 5.250 09/15/18 2,075,132
2,850 Trinity Area Sch Dist PA (FGIC Insd) 5.250 11/01/20 3,052,664
1,820 Twin Valley, PA Sch Dist (FSA Insd) (a) (c) 5.250 04/01/26 1,943,341
1,000 Union Cnty, PA Higher Ed Fac Auth Bucknell Univ Ser A 5.250 04/01/19 1,069,140
1,000 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/21 1,064,030
500 Union Cnty, PA Higher Edl Bucknell Univ Ser A 5.250 04/01/22 532,015
2,300 Union Cnty, PA Hosp Auth Hosp Rev Evangelical Cmnty Hosp
(Radian Insd) 5.250 08/01/24 2,388,987
1,285 Unity Twp, PA Muni Auth Swr Rev (FSA Insd) 5.000 12/01/24 1,336,863
5,850 Washington Cnty, PA Ser A (AMBAC Insd) 5.125 09/01/27 6,057,558
6,000 West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj 6.250 01/01/32 6,332,820
6,865 Westmoreland Cnty, PA Mun Auth Svc Rev Drivers Ser 1228 6.530 08/15/13 7,735,413
(FSA Insd) (Inverse Fltg) (Acquired 01/01/2005, Cost $7,920,219) (d)
1,485 York Cnty, PA (MBIA Insd) 5.000 06/01/23 1,550,771
1,000 York Cnty, PA (MBIA Insd) 5.000 06/01/26 1,039,640
2,200 York Cnty, PA (MBIA Insd) 5.000 06/01/29 2,283,798
2,200 York Cnty, PA (MBIA Insd) 5.000 06/01/33 2,275,306
1,240 York Cnty, PA Sch Technology Auth Lease Rev (FGIC Insd) 5.375 02/15/18 1,330,954
500 York Cnty, PA Sch Technology Auth Lease Rev (FGIC Insd) 5.500 02/15/22 538,005
1,000 York Cnty, PA Sch Technology Auth Lease Rev (FGIC Insd) 5.500 02/15/23 1,076,010
-------------
573,369,764
-------------
GUAM 0.4%
1,585 Guam Intl Arpt Auth Gen Ser B (MBIA Insd) 5.250 10/01/21 1,689,008
-------------
PUERTO RICO 4.6%
2,500 Childrens Tr Fd Puerto Rico Tob Settlement Rev Asset Bkd 5.500 05/15/39 2,567,650
5,000 Childrens Tr Fd Puerto Rico Tob Settlement Rev Asset Bkd 5.625 05/15/43 5,146,150
4,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y Rfdg (FSA Insd) 6.250 07/01/21 4,854,600
5,000 Puerto Rico Comwlth Infrastructure Fin Auth Spl Ser B 5.000 07/01/41 5,011,200
-------------
17,579,600
-------------
U. S. VIRGIN ISLANDS 2.0%
1,500 University Virgin Islands Impt Ser A 5.375 06/01/34 1,553,040
1,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A 6.375 10/01/19 1,091,890
1,500 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A 6.500 10/01/24 1,632,930
3,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A (ACA Insd) 6.125 10/01/29 3,230,550
-------------
7,508,410
-------------
TOTAL LONG-TERM INVESTMENTS 156.4%
(Cost $578,353,977) 600,146,782
SHORT-TERM INVESTMENT 0.2%
(Cost $800,000) 800,000
-------------
TOTAL INVESTMENTS 156.6%
(Cost $579,153,977) 600,946,782
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% 3,199,096
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (57.4%) (220,325,470)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $ 383,820,408
=============
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) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(c) The Trust owns 100% of the outstanding bond issuance.
(d) This security is 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.
ACA - American Capital Access
AGL - Assured Guarantee Ltd.
AMBAC - AMBAC Indemnity Corp.
AMT - Alternative Minimum Tax
CIFG - CDC IXIS Financial Guaranty
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.
FUTURES CONTRACTS OUTSTANDING AS OF JULY 31, 2006:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures September 2006
(Current Notional Value of $106,031 per contract) 591 $ (640,550)
--------- ----------
SWAP AGREEMENTS OUTSTANDING AS OF JULY 31, 2006:
INTEREST RATE SWAPS PAY/
RECEIVE NOTIONAL UNREALIZED
FLOATING FIXED EXPIRATION AMOUNT APPRECIATION/
Counterparty FLOATING RATE INDEX RATE RATE DATE (000) DEPRECIATION
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.480% 9/28/2026 $ 2,320 $ (52,298)
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.240 9/28/2016 22,090 (370,045)
JP Morgan Chase Bank, N.A. USD-BMA Municipal Swap Index Receive 4.470 10/3/2026 10,500 (227,467)
------------
$ (649,810)
============
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
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 21, 2006
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
---------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: September 21, 2006
By: /s/ James W. Garrett
---------------------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: September 21, 2006