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: 1/31/07
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS | JANUARY 31, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
----------------------------------------------------------- ---------- ---------- ------------
MUNICIPAL BONDS 188.2%
PENNSYLVANIA 178.8%
$ 2,000 Abington, PA Sch Dist Ser A
(FSA Insd) ............................... 5.000% 04/01/32 $ 2,109,920
3,000 Allegheny Cnty, PA Arpt Auth
Pittsburgh Intl Arpt Rfdg (FGIC
Insd) (AMT) .............................. 5.750 01/01/18 3,154,110
1,915 Allegheny Cnty, PA Arpt Auth
Rev Pittsburgh Intl Arpt Rfdg
(MBIA Insd) (AMT) (a) .................... 5.000 01/01/21 2,037,489
3,435 Allegheny Cnty, PA Arpt Auth
Rev Pittsburgh Intl Arpt Rfdg
(FGIC Insd) (AMT) (a) .................... 5.000 01/01/23 3,654,714
2,000 Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ ................ 5.125 03/01/32 2,082,880
2,750 Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ ................ 5.250 03/01/32 2,885,960
1,360 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys Ser A
(MBIA Insd) .............................. 6.500 11/15/30 1,502,501
3,145 Allegheny Cnty, PA Hosp Dev
Auth Rev OH Vly Gen Hosp
Proj Ser A ............................... 5.125 04/01/35 3,220,637
1,250 Allegheny Cnty, PA Indl Dev
Auth Lease Rev Residential
Res Inc Proj ............................. 5.125 09/01/31 1,286,187
3,000 Allegheny Cnty, PA Port Auth
Spl Rev Trans (FGIC Insd) ................ 5.000 03/01/29 3,108,030
2,000 Allegheny Cnty, PA Port Auth
Spl Rev Trans (MBIA Insd)
(Prerefunded @ 3/01/09) .................. 6.000 03/01/24 2,109,260
1,300 Allegheny Cnty, PA Redev Auth
Tax Increment Rev Robinson
Mall Proj Ser A .......................... 7.000 11/01/17 1,417,663
410 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser II-1 (GNMA Collateralized)
(AMT) .................................... 5.800 05/01/21 425,637
615 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser II-2 (GNMA Collateralized)
(AMT) .................................... 5.800 11/01/20 638,665
3,525 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser KK-2 (GNMA
Collateralized) (AMT) (b) ................ 5.750 05/01/33 3,642,030
1,510 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser MM (GNMA Collateralized)
(AMT) .................................... 5.200 05/01/33 1,548,158
1,000 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser RR (GNMA Collateralized)
(AMT) .................................... 4.750 11/01/25 1,000,950
1,775 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser TT (GNMA Collateralized)
(AMT) (c) ................................ 4.900 11/01/26 1,796,602
460 Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd) ...................... 5.500 12/01/30 488,727
1,000 Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd) ...................... 5.750 12/01/13 1,076,440
2,220 Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)
(Prerefunded @ 12/01/10) ................. 5.750 12/01/17 2,390,096
1,830 Allegheny Cnty, PA San Auth
Swr Rev (MBIA Insd)
(Prerefunded @ 12/01/10) ................. 5.750 12/01/18 1,970,215
3,725 Allegheny Cnty, PA San Auth
Swr Rev Rfdg Ser A (MBIA
Insd) .................................... 5.000 12/01/30 3,924,548
1,705 Armstrong, PA Sch Dist (XLCA
Insd) (c) ................................ 5.250 03/15/25 1,851,749
12,500 Beaver Cnty, PA Indl Dev Auth
Pollutn Ctl Rev Duquesne
Conv Rfdg (AMBAC Insd) (a) ............... 4.500 11/01/29 12,420,000
12,700 Bensalem Twp, PA Sch Dist
(FGIC Insd) (d) .......................... 4.500 06/15/28 12,735,941
1,335 Bentworth, PA Sch Dist Ser B
(FSA Insd) ............................... 5.000 03/15/28 1,415,701
1,695 Berks Cnty, PA Muni Auth
Albright College Proj (c) ................ 5.500 10/01/16 1,821,955
1,800 Berks Cnty, PA Muni Auth
Albright College Proj (c) ................ 5.500 10/01/17 1,929,726
6,000 Berks Cnty, PA Muni Auth Hosp
Rev Reading Hosp & Med Ctr
Proj (FSA Insd) (Prerefunded
@ 11/01/09) .............................. 6.000 11/01/29 6,463,320
4,460 Bethlehem, PA Auth Wtr Gtd
(FSA Insd) ............................... 5.000 11/15/19 4,745,262
1,000 Bradford Cnty, PA Indl Dev Auth
Solid Waste Disp Rev Intl
Paper Rfdg Ser B (AMT) ................... 5.200 12/01/19 1,010,010
7,060 Bristol Boro, PA Sch Dist
(FSA Insd) (a) ........................... 4.250 03/01/31 7,055,270
1,270 Bucks Cnty, PA Auth Wtr & Swr
Rev Swr Sys (AMBAC Insd)
(Prerefunded @ 12/01/11) (c) ............. 5.375 06/01/16 1,359,522
1,150 Bucks Cnty, PA Wtr & Swr Rev
Neshaminy Interceptor Ser A
(AMBAC Insd) (Prerefunded
@ 12/01/11) (c) .......................... 5.375 06/01/14 1,231,063
1,215 Bucks Cnty, PA Wtr & Swr Rev
Neshaminy Interceptor Ser A
(AMBAC Insd) (Prerefunded
@ 12/01/11) (c) .......................... 5.375 06/01/15 1,300,645
1,000 Canon McMillan Sch Dist PA Ser
B (FGIC Insd) ............................ 5.500 12/01/29 1,053,850
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 2,841,630
1,430 Catasauqua, PA Area Sch Dist
(FSA Insd) ............................... 5.000 02/15/31 1,512,525
2,100 Catasauqua, PA Area Sch Dist
(FSA Insd) ............................... 5.000 02/15/36 2,216,340
5,500 Central Dauphin, PA Sch Dist
(FSA Insd) ............................... 5.000 12/01/19 5,834,070
1,370 Central Greene, PA Sch Dist
Rfdg Ser B (FSA Insd) (c) ................ 5.000 02/15/23 1,459,666
1,435 Central Greene, PA Sch Dist
Rfdg Ser B (FSA Insd) (c) ................ 5.000 02/15/24 1,526,682
1,000 Chartiers Vly, PA Indl & Coml
Dev Auth First Mtg Rev
Asbury Hlth Ctr Rfdg ..................... 6.375 12/01/19 1,036,260
1,000 Chartiers Vly, PA Indl & Coml
Dev Auth First Mtg Rev
Asbury Hlth Ctr Rfdg ..................... 6.375 12/01/24 1,038,610
3,000 Cheltenham Twp, PA (AMBAC
Insd) .................................... 5.000 01/01/28 3,169,680
3,555 Chester Cnty, PA Indl Dev Auth
Rev Collegium Charter Sch
Proj Ser A (ACA Insd) .................... 5.500 04/15/31 3,809,716
1,500 Crawford Cnty, PA Hosp Auth
Sr Living Fac Rev Westbury
Utd Methodist Cmnty ...................... 6.250 08/15/29 1,545,600
1,000 Cumberland Cnty, PA Muni Auth
Dickinson College Ser A
(AMBAC Insd) (Prerefunded
@ 11/01/10) .............................. 5.500 11/01/30 1,060,450
5,000 Dauphin Cnty, PA Gen Auth
Hosp Rev Hapsco West PA
Hosp Proj B Rfdg (MBIA
Insd) (e) ................................ 6.250 07/01/16 5,571,100
2,000 Delaware Cnty, PA Auth College
Cabrini College (Radian Insd) ............ 5.750 07/01/23 2,087,280
2,295 Delaware Cnty, PA Auth College
Neumann College Rfdg (c) ................. 5.875 10/01/21 2,423,864
2,000 Delaware Cnty, PA Auth College
Neumann College Rfdg ..................... 6.000 10/01/31 2,109,800
4,500 Delaware Cnty, PA Auth Rev
Eastern Univ (Radian Insd) ............... 4.550 10/01/36 4,360,815
1,000 Delaware Cnty, PA Auth Rev
White Horse Vlg Proj Rfdg Ser
A (Prerefunded @ 7/01/10) ................ 7.625 07/01/30 1,125,260
2,750 Delaware Cnty, PA Indl Dev
Auth Rev Wtr Fac Aqua PA
Inc Proj Ser A (FGIC Insd)
(AMT) .................................... 5.000 11/01/37 2,868,580
9,300 Delaware Cnty, PA Indl Dev
Auth Rev Wtr Fac Aqua PA
Inc Proj Ser B (FGIC Insd)
(AMT) (a) ................................ 5.000 11/01/36 9,701,016
4,000 Delaware Cnty, PA Indl Dev
Auth Rev Wtr Fac Aqua PA
Inc Proj Ser C (FGIC Insd)
(AMT) .................................... 5.000 02/01/35 4,160,400
1,750 Delaware Cnty, PA Indl Dev
Auth Rev Wtr Fac (FGIC Insd)
(AMT) .................................... 6.000 06/01/29 1,842,470
2,500 Delaware Cnty, PA Indl Dev
Auth Wtr Fac PA Subn Wtr
(AMBAC Insd) (AMT) ....................... 5.350 10/01/31 2,631,000
1,230 Delaware Cnty, PA Regl Wtr
Qual Ctl Auth Swr Rev (MBIA
Insd) .................................... 5.250 05/01/19 1,328,265
1,480 Delaware Cnty, PA Regl Wtr
Qual Ctl Auth Swr Rev (MBIA
Insd) (c) ................................ 5.250 05/01/21 1,593,412
1,555 Delaware Cnty, PA Regl Wtr
Qual Ctl Auth Swr Rev (MBIA
Insd) (c) ................................ 5.250 05/01/22 1,674,160
8,000 Delaware Vly, PA Regl Fin Auth .............. 5.750 07/01/17 9,048,000
2,000 Downingtown, PA Area Sch
Dist (FSA Insd) .......................... 5.250 04/01/15 2,107,520
2,800 Erie, PA Sch Dist (AMBAC Insd)
(Prerefunded @ 9/01/10) .................. 5.800 09/01/29 2,990,204
2,735 Exeter Twp, PA Sch Dist (FGIC
Insd) .................................... 5.000 05/15/25 2,876,099
6,980 Falls Twp, PA Hosp Auth Hosp
Rev DE Vly Med Rfdg (FHA
Gtd) ..................................... 7.000 08/01/22 7,023,625
1,000 Fayette Cnty, PA (AMBAC Insd)
(Prerefunded @ 11/15/10) ................. 5.625 11/15/28 1,065,410
6,575 Harrisburg, PA Auth Wtr Rev
Rfdg (FSA Insd) (c) ...................... 5.000 07/15/21 6,962,530
1,000 Harveys Lake Gen Muni Auth
PA College Rev College
Misericordia Proj (ACA Insd) ............. 6.000 05/01/19 1,047,410
2,345 Jenkintown, PA Sch Dist Ser A
(FGIC Insd) .............................. 5.000 05/15/28 2,434,133
1,985 Jim Thorpe, PA Area Sch Dist
(FSA Insd) (c) ........................... 5.000 03/15/25 2,098,145
3,135 Lancaster Cnty, PA Hosp Auth
Rev Hlth Ctr Masonic Homes
Proj ..................................... 5.000 11/01/36 3,248,644
5,000 Lancaster Cnty, PA Hosp Auth
Rev Hlth Sys Lancaster Gen
Rfdg Ser B (a) ........................... 4.500 03/15/31 4,903,725
5,000 Lancaster Cnty, PA Hosp Auth
Rev Hlth Sys Lancaster Gen
Rfdg Ser B (a) ........................... 4.500 03/15/36 4,903,725
3,500 Lancaster, PA Higher Ed Auth
Rev Franklin & Marshall
College .................................. 5.000 04/15/22 3,691,205
1,000 Lebanon Cnty, PA Hlth Fac
Pleasant View Auth Hlth Ctr
Rev Retirement Ser A ..................... 5.125 12/15/20 1,008,320
1,510 Lehigh Cnty, PA Gen Purp Auth
Cedar Crest College Rfdg
(Radian Insd) ............................ 5.000 04/01/26 1,572,438
2,000 Lehigh Cnty, PA Gen Purp Auth
Rev Good Shepherd Group Ser
A ........................................ 5.500 11/01/24 2,119,420
1,000 Lehigh Cnty, PA Gen Purp Auth
Rev Good Shepherd Group Ser
A ........................................ 5.625 11/01/34 1,064,100
1,800 Lehigh Cnty, PA Gen Purp Auth
Rev Hosp Saint Lukes
Bethlehem ................................ 5.250 08/15/23 1,878,300
1,750 Lehigh Cnty, PA Gen Purp Auth
Rev Hosp Saint Lukes
Bethlehem ................................ 5.375 08/15/33 1,830,833
1,240 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser
A (MBIA Insd) (AMT) (c) .................. 5.000 01/01/20 1,290,084
1,360 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser
A (MBIA Insd) (AMT) (c) .................. 5.000 01/01/22 1,409,395
675 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser
A (MBIA Insd) (AMT) ...................... 5.000 01/01/23 698,153
1,500 Lehigh Northampton, PA Arpt
Ser A (MBIA Insd) (AMT) .................. 6.000 05/15/25 1,585,560
2,700 Lehigh Northampton, PA Arpt
Ser A (MBIA Insd) (AMT) .................. 6.000 05/15/30 2,854,008
8,290 Luzerne Cnty, PA Ser A (MBIA
Insd) (Prerefunded @
11/15/12) ................................ 5.250 11/15/25 8,924,517
6,650 Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd) ............................. 5.350 07/01/26 6,963,415
5,000 Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd) ............................. 5.375 07/01/30 5,241,250
1,000 Mercer Cnty, PA (FGIC Insd) ................. 5.500 10/01/15 1,070,690
5,000 Mercer Cnty, PA Indl Dev Auth
Wtr Fac Sub Corp (MBIA Insd)
(AMT) .................................... 6.000 07/01/30 5,302,250
1,000 Mifflin Cnty, PA Hosp Auth Rev
(Radian Insd) ............................ 6.200 07/01/25 1,085,090
2,500 Mifflin Cnty, PA Hosp Auth Rev
(Radian Insd) ............................ 6.200 07/01/30 2,708,925
3,755 Mifflin Cnty, PA Ser A (FGIC
Insd) (c) ................................ 5.000 09/01/31 3,904,900
3,000 Monroe Cnty, PA Hosp Auth Rev
Hosp Pocono Med Ctr ...................... 6.000 01/01/43 3,220,200
6,500 Montgomery Cnty, PA Higher Ed
& Hlth Auth Hosp Rev
Abington Mem Hosp Ser A .................. 5.125 06/01/32 6,726,720
5,000 Montgomery Cnty, PA Higher Ed
& Hlth Auth Rev Arcadia Univ
(Radian Insd) ............................ 5.000 04/01/27 5,206,750
2,000 Montgomery Cnty, PA Higher Ed
& Hlth Auth Rev Arcadia Univ
(Radian Insd) ............................ 5.000 04/01/36 2,085,760
5,000 Montgomery Cnty, PA Higher Ed
& Hlth Auth Rev Dickinson
College Proj Ser FF-1 (CIFG
Insd) .................................... 5.000 05/01/28 5,286,000
12,000 Montgomery Cnty, PA Indl Dev
Auth Retirement Cmnty Rev
Ser A (a) ................................ 4.500 11/15/36 11,350,080
4,000 Moon Area Sch Dist PA (FSA
Insd) .................................... 5.000 11/15/25 4,243,480
2,345 Moon Indl Dev Auth PA Ed Fac
Rev Ellis Sch Proj
(Prerefunded @ 3/01/09) .................. 5.800 03/01/25 2,439,668
1,500 Mount Lebanon, PA Hosp Auth
Saint Clair Mem Hosp Ser A ............... 5.625 07/01/32 1,589,490
630 New Castle, PA San Auth Swr
Rfdg (MBIA Insd) ......................... 5.000 06/01/24 646,575
1,225 Northampton Twp, PA (FGIC
Insd) (c) ................................ 5.375 05/15/15 1,298,635
2,625 Norwin, PA Sch Dist (FSA Insd) .............. 5.000 04/01/35 2,772,000
2,100 Owen J. Roberts Sch Dist PA
(FSA Insd) ............................... 5.000 05/15/27 2,228,814
1,000 Pennsylvania Econ Dev Fin Auth
Res Recovery Rev Colver Proj
Rfdg Ser G (AMT) ......................... 5.125 12/01/15 1,013,040
1,000 Pennsylvania Econ Dev Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser A (AMT) ................ 5.100 10/01/27 1,037,860
3,500 Pennsylvania Hsg Fin Agy
Single Family Mtg Rev Ser
94-A (AMT) ............................... 5.100 10/01/31 3,612,315
3,200 Pennsylvania Hsg Fin Agy
Single Family Mtg Rev Ser
96-A (AMT) (a) ........................... 4.600 10/01/27 3,166,160
4,500 Pennsylvania Hsg Fin Agy
Single Family Mtg Rev Ser
96-A (AMT) (a) ........................... 4.650 10/01/31 4,452,413
8,300 Pennsylvania Hsg Fin Agy
Single Family Mtg Rev Ser
96-A (AMT) (a) ........................... 4.700 10/01/37 8,212,228
520 Pennsylvania Hsg Fin Agy
Single Family Mtg Ser 66-A
(AMT) .................................... 5.650 04/01/29 524,144
985 Pennsylvania Hsg Fin Agy
Single Family Mtg Ser 90-A
(AMT) .................................... 4.700 10/01/25 991,560
2,500 Pennsylvania St Higher Ed Fac
Auth Rev Allegheny College ............... 4.800 05/01/36 2,551,325
1,000 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn
Inc Ser A (XLCA Insd) .................... 5.000 07/01/28 1,041,990
1,500 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn
Inc Ser A (XLCA Insd) .................... 5.000 07/01/33 1,558,710
1,500 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn
Inc Ser A (XLCA Insd) .................... 5.250 07/01/18 1,601,640
3,000 Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ (c) ................. 5.500 05/01/16 3,211,740
4,000 Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ (c) ................. 5.500 05/01/17 4,309,920
1,000 Pennsylvania St Higher Ed Fac
Auth Rev Geneva College
Proj ..................................... 6.125 04/01/22 1,070,530
5,500 Pennsylvania St Higher Ed Fac
Auth Rev La Salle Univ ................... 5.500 05/01/34 5,782,590
1,300 Pennsylvania St Higher Ed Fac
Auth Rev Lycoming College
Assn Indpt (Radian Insd) ................. 5.250 11/01/19 1,380,314
3,000 Pennsylvania St Higher Ed Fac
Auth Rev Messiah College Ser
AA-3 (Radian Insd) ....................... 5.500 11/01/22 3,226,050
1,000 Pennsylvania St Higher Ed Fac
Auth Rev PA Univ ......................... 5.000 06/01/35 1,027,340
3,230 Pennsylvania St Higher Ed Fac
Auth Rev Thomas Jefferson Univ
(Prerefunded @ 1/01/13) .................. 5.375 01/01/25 3,496,314
1,540 Pennsylvania St Higher Ed Fac
Auth Rev Thomas Jefferson Univ ........... 5.375 01/01/25 1,634,279
6,000 Pennsylvania St Higher Ed Fac
Auth Rev Univ Sciences
Philadelphia Ser A (XLCA
Insd) .................................... 5.000 11/01/36 6,286,620
7,850 Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser
A ........................................ 6.000 01/15/31 8,474,075
6,600 Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser
A (FSA Insd) ............................. 5.000 08/01/29 6,782,754
20,000 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser A (FSA
Insd) (a) ................................ 4.500 06/01/36 19,758,100
4,505 Pennsylvania St Tpk Com Tpk
Rev Rfdg Ser T (FGIC Insd) ............... 5.500 12/01/13 4,960,410
3,500 Pennsylvania St Tpk Com Tpk
Rev Ser A (AMBAC Insd) ................... 5.000 12/01/26 3,721,130
1,200 Pennsylvania St Tpk Com Tpk
Rev Ser A (AMBAC Insd) ................... 5.250 12/01/21 1,298,280
2,000 Pennsylvania St Univ ........................ 5.000 09/01/29 2,113,500
4,000 Pennsylvania St Univ ........................ 5.000 09/01/35 4,215,200
1,390 Pennsylvania St Univ Rfdg ................... 5.250 08/15/14 1,516,546
1,970 Pennsylvania St Univ Rfdg ................... 5.250 03/01/18 2,112,175
1,550 Perkiomen Vly Sch Dist PA Ser
A (FSA Insd) (Prerefunded @
3/01/14) ................................. 5.250 03/01/28 1,687,873
1,250 Philadelphia, PA Arpt Rev Ser A
(MBIA Insd) (AMT) ........................ 5.000 06/15/23 1,300,213
15,000 Philadelphia, PA Auth for Indl
Dev Rev Cultural & Coml
Corridors Pgm Ser A (FGIC
Insd) (a) ................................ 4.450 12/01/31 14,744,550
2,610 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj (a) .......................... 5.250 09/01/21 2,758,611
4,230 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj (a) .......................... 5.250 09/01/26 4,470,853
1,000 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj (a) .......................... 5.250 09/01/31 1,056,939
6,700 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj (a) .......................... 5.250 09/01/36 7,081,492
4,005 Philadelphia, PA Auth Indl Dev
Amern College of
Physicians (c) ........................... 5.500 06/15/27 4,153,505
2,250 Philadelphia, PA Auth Indl Dev
PA Arpt Sys Proj Ser A (FGIC
Insd) (AMT) .............................. 5.125 07/01/19 2,344,275
2,500 Philadelphia, PA Auth Indl Dev
PA Arpt Sys Proj Ser A (FGIC
Insd) (AMT) .............................. 5.250 07/01/28 2,613,225
4,000 Philadelphia, PA Auth Indl Ser B
(FSA Insd) ............................... 5.125 10/01/26 4,188,760
11,160 Philadelphia, PA Auth Indl Ser B
(FSA Insd) ............................... 5.500 10/01/17 12,002,692
3,000 Philadelphia, PA (FSA Insd) ................. 5.000 03/15/28 3,072,810
3,000 Philadelphia, PA (FSA Insd) ................. 5.250 09/15/25 3,136,440
3,500 Philadelphia, PA Gas Wks Rev
1975 Gen Ordinance Ser 17
(FSA Insd) ............................... 5.375 07/01/19 3,767,820
5,000 Philadelphia, PA Gas Wks Rev
Ser 2 (FSA Insd) ......................... 5.250 07/01/29 5,186,700
1,700 Philadelphia, PA Gas Wks Rev
Ser 18 (AGL Insd) ........................ 5.250 08/01/21 1,818,898
4,080 Philadelphia, PA Gas Wks Rev
12th Ser B (MBIA Insd) (e) ............... 7.000 05/15/20 4,840,349
1,000 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Chestnut Hill
College .................................. 6.000 10/01/29 1,020,450
1,455 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty
College Rfdg Ser B (MBIA
Insd) (c) ................................ 6.500 05/01/09 1,536,756
1,645 Philadelphia, PA Pkg Auth Rev
Ser A (AMBAC Insd) ....................... 5.250 02/15/29 1,697,739
12,940 Philadelphia PA, Redev Auth
Residential Mtg Ln Rev Ser A
(AMT) (a) ................................ 4.750 12/01/28 12,843,726
4,675 Philadelphia, PA Redev Auth
Rev Neighborhood Trans Ser
A (FGIC Insd) ............................ 5.250 04/15/12 4,982,849
1,905 Philadelphia, PA Redev Auth
Rev Neighborhood Trans Ser
A (FGIC Insd) ............................ 5.500 04/15/16 2,049,742
500 Pittsburgh & Allegheny Cnty, PA
Pub Aud Hotel Room (AMBAC
Insd) .................................... 5.125 02/01/35 515,895
16,000 Pittsburgh & Allegheny Cnty, PA
Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd) ......................... 5.000 02/01/24 16,465,120
4,990 Pittsburgh & Allegheny Cnty, PA
Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd) ......................... 5.000 02/01/29 5,125,229
2,215 Pittsburgh, PA Pub Pkg Auth Rev
Rfdg Ser A (FGIC Insd) ................... 5.000 12/01/25 2,345,353
5,000 Pittsburgh, PA Rfdg Ser B (FSA
Insd) .................................... 5.250 09/01/17 5,485,800
5,140 Pittsburgh, PA Ser A (AMBAC
Insd) .................................... 5.500 09/01/17 5,498,104
4,860 Pittsburgh, PA Ser A (AMBAC
Insd) (Prerefunded @
3/01/12) ................................. 5.500 09/01/17 5,246,662
2,000 Pittsburgh, PA Ser A (FGIC Insd)
(Prerefunded @ 9/01/09) .................. 5.750 09/01/21 2,096,780
3,000 Pittsburgh, PA Ser A (FGIC Insd)
(Prerefunded @ 9/01/09) .................. 5.750 09/01/22 3,145,170
1,000 Pittsburgh, PA Urban Redev
Auth Cent Triangle Tax
Increment Ser A .......................... 6.100 05/01/19 1,041,290
1,755 Pittsburgh, PA Urban Redev
Auth Mtg Rev Ser A (GNMA
Collateralized) (AMT) .................... 5.000 10/01/36 1,793,891
1,495 Pittsburgh, PA Urban Redev
Auth Mtg Rev Ser C (GNMA
Collateralized) (AMT) .................... 5.700 04/01/30 1,520,385
1,500 Radnor Twp, PA Sch Dist Ser B
(FSA Insd) ............................... 5.000 02/15/28 1,586,985
2,000 Rostraver Twp, PA (AMBAC
Insd) (Prerefunded @
7/01/10) ................................. 5.500 07/01/24 2,114,160
1,000 Saxonburg, PA Area Auth Swr
& Wtr Rev (AGL Insd) ..................... 5.000 03/01/30 1,054,840
1,500 Saxonburg, PA Area Auth Swr
& Wtr Rev (AGL Insd) ..................... 5.000 03/01/35 1,577,640
4,390 Souderton, PA Area Sch Dist
(FGIC Insd) .............................. 5.000 11/15/22 4,663,409
1,000 Southcentral, PA Gen Auth Rev
Hanover Hosp Inc (Radian
Insd) .................................... 5.000 12/01/30 1,042,350
900 Southcentral, PA Gen Auth Rev
Wellspan (MBIA Insd) (c) ................. 5.375 05/15/28 958,689
4,100 Southcentral, PA Gen Auth Rev
Wellspan (MBIA Insd)
(Prerefunded @ 5/15/11) (c) .............. 5.375 05/15/28 4,387,164
1,000 State Pub Sch Bldg Auth PA
Delaware Cnty College Proj
(MBIA Insd) (Prerefunded @
10/01/10) ................................ 5.750 10/01/16 1,067,690
895 State Pub Sch Bldg Auth PA Sch
Conneaut Sch Dist (FGIC
Insd) (c) ................................ 5.250 11/01/23 958,912
2,360 State Pub Sch Bldg Auth PA Sch
Rev Jefferson Cnty Dubois
Tech Sch (FGIC Insd) (c) ................. 5.375 02/01/23 2,565,296
1,600 State Pub Sch Bldg Auth PA Sch
Rev Lease Colonial Inter Unit
20 (FGIC Insd) ........................... 5.000 05/15/30 1,684,720
1,270 State Pub Sch Bldg Auth PA Sch
Tuscarora Sch Dist Proj (FSA
Insd) (Prerefunded @
4/01/13) (c) ............................. 5.250 04/01/21 1,372,857
2,140 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT) ....................... 5.375 01/01/21 2,256,566
5,205 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT) ....................... 5.375 01/01/23 5,480,188
2,545 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT) (c) ................... 5.500 01/01/18 2,705,691
5,500 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser D ............... 5.375 01/01/18 5,649,325
1,950 Swarthmore Boro Auth PA
College .................................. 5.250 09/15/18 2,081,157
2,850 Trinity Area Sch Dist PA (FGIC
Insd) .................................... 5.250 11/01/20 3,071,844
1,820 Twin Vly, PA Sch Dist (FSA
Insd) (c) ................................ 5.250 04/01/26 1,970,587
1,000 Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A ................. 5.250 04/01/19 1,073,030
1,000 Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A ................. 5.250 04/01/21 1,068,790
500 Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A ................. 5.250 04/01/22 534,110
2,300 Union Cnty, PA Hosp Auth Hosp
Rev Evangelical Cmnty Hosp
(Radian Insd) ............................ 5.250 08/01/24 2,435,033
1,285 Unity Twp, PA Muni Auth Swr
Rev (FSA Insd) ........................... 5.000 12/01/24 1,357,782
5,850 Washington Cnty, PA Ser A
(AMBAC Insd) ............................. 5.125 09/01/27 6,128,460
3,420 Westmoreland Cnty, PA Muni
Auth Svc Rev (FSA Insd) (a) .............. 5.250 08/15/24 3,762,871
6,485 Westmoreland Cnty, PA Muni
Auth Svc Rev (FSA Insd) (a) .............. 5.250 08/15/27 7,135,152
3,825 Westmoreland Cnty, PA Muni
Auth Svc Rev (FSA Insd) (a) .............. 5.250 08/15/28 4,208,474
6,000 West Shore, PA Area Hosp
Auth Holy Spirit Hosp Proj ............... 6.250 01/01/32 6,399,720
4,000 York Cnty, PA Indl Dev Auth Wtr
Co Proj (FGIC Insd) (AMT) ................ 4.750 10/01/36 4,012,080
1,485 York Cnty, PA (MBIA Insd) ................... 5.000 06/01/23 1,578,035
1,000 York Cnty, PA (MBIA Insd) ................... 5.000 06/01/26 1,058,100
2,200 York Cnty, PA (MBIA Insd) ................... 5.000 06/01/29 2,327,820
2,200 York Cnty, PA (MBIA Insd) ................... 5.000 06/01/33 2,321,176
1,240 York Cnty, PA Sch Technology
Auth Lease Rev (FGIC Insd) ............... 5.375 02/15/18 1,335,120
500 York Cnty, PA Sch Technology
Auth Lease Rev (FGIC Insd) ............... 5.500 02/15/22 539,320
1,000 York Cnty, PA Sch Technology
Auth Lease Rev (FGIC Insd) ............... 5.500 02/15/23 1,078,640
------------
697,782,260
------------
GUAM 0.4%
1,585 Guam Intl Arpt Auth Gen Ser B
(MBIA Insd) .............................. 5.250 10/01/21 1,705,127
------------
PUERTO RICO 7.0%
2,500 Childrens Tr Fd PR Tob
Settlement Rev Asset Bkd ................. 5.500 05/15/39 2,614,525
5,000 Childrens Tr Fd PR Tob
Settlement Rev Asset Bkd ................. 5.625 05/15/43 5,250,950
4,000 Puerto Rico Comwlth Hwy &
Trans Auth Hwy Rev Rfdg Ser
Y (FSA Insd) ............................. 6.250 07/01/21 4,926,480
5,000 Puerto Rico Comwlth
Infrastrucure Fin Auth Spl Ser
B ........................................ 5.000 07/01/41 5,192,900
4,950 University PR Univ Rev Rfdg Sys
Ser P (a) ............................... 5.000 06/01/30 5,165,622
3,950 University PR Univ Rev Sys Ser Q
(a) ................................. 5.000 06/01/36 4,122,062
------------
27,272,539
------------
U.S. VIRGIN ISLANDS 2.0%
1,500 University VI Impt
Ser A .................................... 5.375 06/01/34 1,591,335
1,000 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser
A ........................................ 6.375 10/01/19 1,086,510
3,000 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser A
(ACA Insd) (Prerefunded @
10/01/10) ................................ 6.125 10/01/29 3,264,720
1,500 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser A
(Prerefunded @ 10/01/10) ................. 6.500 10/01/24 1,648,470
-------------
7,591,035
-------------
TOTAL LONG-TERM INVESTMENTS 188.2%
(Cost $707,139,161)............................................. 734,350,961
TOTAL SHORT-TERM INVESTMENTS 0.3%
(Cost $1,300,000)............................................... 1,300,000
-------------
TOTAL INVESTMENTS 188.5%
(Cost $708,439,161)............................................. 735,650,961
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO
SECURITIES HELD (30.2%)
(Cost ($117,990,000))
(117,990) Notes with interest rates ranging from 3.55% to 3.68% at January 31,
2007 and contractual maturities of collateral ranging from 2021 to
2037 (f) ............................................ (117,990,000)
--------------
TOTAL NET INVESTMENTS 158.3%
(Cost $590,449,161)............................................. 617,660,961
LIABILITIES IN EXCESS OF OTHER ASSETS (1.8%)..................... (7,167,796)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (56.5%)....... (220,306,050)
--------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%..................... $ 390,187,115
==============
Percentages are calculated as a percentage of net assets applicable to common shares.
(a) Underlying security related to Inverse Floaters entered into by the Trust.
(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) Security purchased on a when-issued or delayed delivery basis.
(e) Escrowed to Maturity
(f) Floating rate notes. The interest rate shown reflects the rates in effect at January 31, 2007.
ACA - American Capital Access
AGL - Assured Guaranty 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 JANUARY 31, 2007:
UNREALIZED
APPRECIATION/
SHORT CONTRACTS: CONTRACTS DEPRECIATION
U.S. Treasury Notes 10-Year Futures, March 2007
(Current Notional Value of $106,750 per contract) 581 $ 1,321,509
U.S. Treasury Bonds Futures, March 2007 (Current
Notional Value of $110,125 per contract) ...................... 746 1,874,899
------------ ------------
1,327 $ 3,196,408
============ ============
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: March 22, 2007
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: March 22, 2007
By: /s/ James W. Garrett
---------------------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: March 22, 2007