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)
522 Fifth Avenue, New York, New York 10036
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/08
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, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
------- ----------- ------ -------- -------------
MUNICIPAL BONDS 185.0%
PENNSYLVANIA 175.3%
$ 2,000 Abington, PA Sch Dist Ser A
(FSA Insd)............................. 5.000% 04/01/32 $ 2,077,920
3,000 Allegheny Cnty, PA Arpt Auth Rev
Pittsburgh Intl Arpt Rfdg (FGIC
Insd) (AMT)............................ 5.750 01/01/18 3,039,930
2,000 Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ.............. 5.125 03/01/32 2,096,600
2,750 Allegheny Cnty, PA Higher Ed
Bldg Carnegie Mellon Univ.............. 5.250 03/01/32 2,903,670
1,360 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys Ser A (MBIA
Insd) (Prerefunded @
11/15/10).............................. 6.500 11/15/30 1,532,965
7,500 Allegheny Cnty, PA Hosp Dev
Auth Rev Hlth Sys West Penn
Ser A.................................. 5.375 11/15/40 6,537,450
735 Allegheny Cnty, PA Hosp Dev
Auth Rev OH Vly Gen Hosp Proj
Ser A.................................. 5.000 04/01/25 702,711
3,145 Allegheny Cnty, PA Hosp Dev
Auth Rev OH Vly Gen Hosp Proj
Ser A.................................. 5.125 04/01/35 2,866,133
2,000 Allegheny Cnty, PA Indl Dev Auth
Lease Rev Cargo fac Afco Cargo
Pit LLC (AMT).......................... 6.625 09/01/24 1,988,920
1,250 Allegheny Cnty, PA Indl Dev Auth
Lease Rev Residential Res Inc
Proj................................... 5.125 09/01/31 1,167,313
3,000 Allegheny Cnty, PA Port Auth Spl
Rev Trans (FGIC Insd).................. 5.000 03/01/29 3,050,790
2,000 Allegheny Cnty, PA Port Auth Spl
Rev Trans (MBIA Insd)
(Prerefunded @ 3/01/09)................ 6.000 03/01/24 2,102,800
1,230 Allegheny Cnty, PA Redev Auth
Tax Increment Rev Robinson
Mall Proj Ser A........................ 7.000 11/01/17 1,321,598
410 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser II-1 (GNMA Collateralized)
(AMT).................................. 5.800 05/01/21 420,197
615 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser II-2 (GNMA Collateralized)
(AMT).................................. 5.800 11/01/20 631,015
3,340 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser KK-2 (GNMA Collateralized)
(AMT) (a).............................. 5.750 05/01/33 3,382,852
1,510 Allegheny Cnty, PA Residential
Mtg Fin Auth Single Family
Ser MM (GNMA Collateralized)
(AMT).................................. 5.200 05/01/33 1,510,181
1,000 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser RR (GNMA Collateralized)
(AMT).................................. 4.750 11/01/25 978,220
1,775 Allegheny Cnty, PA Residential
Fin Auth Mtg Rev Single Family
Ser TT (GNMA Collateralized)
(AMT) (b).............................. 4.900 11/01/26 1,750,239
5,000 Allegheny Cnty, PA San Auth Swr
(FGIC Insd)............................ 5.000 12/01/37 5,140,500
460 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)........................ 5.500 12/01/30 485,433
1,000 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd)........................ 5.750 12/01/13 1,089,360
2,220 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd) (Prerefunded
@ 12/01/10)............................ 5.750 12/01/17 2,445,641
1,830 Allegheny Cnty, PA San Auth Swr
Rev (MBIA Insd) (Prerefunded
@ 12/01/10)............................ 5.750 12/01/18 2,016,001
1,705 Armstrong, PA Sch Dist (XLCA
Insd) (b).............................. 5.250 03/15/25 1,791,103
12,500 Beaver Cnty, PA Indl Dev Auth
Pollutn Ctl Rev Duquesne Conv
Rfdg (AMBAC Insd) (c).................. 4.500 11/01/29 11,907,188
1,500 Berks Cnty, PA Indl Dev Auth
First Mtg Rev Rfdg
Douglassville Proj A (AMT)............. 6.125 11/01/34 1,428,000
1,695 Berks Cnty, PA Muni Auth
Albright College Proj Rfdg
Ser A (b).............................. 5.500 10/01/16 1,774,190
1,800 Berks Cnty, PA Muni Auth
Albright College Proj (b).............. 5.500 10/01/17 1,870,506
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 6,514,920
4,460 Bethlehem, PA Auth Wtr Gtd
(FSA Insd)............................. 5.000 11/15/19 4,866,529
1,000 Bradford Cnty, PA Indl Dev Auth
Solid Waste Disp Rev Intl Paper
Rfdg Ser B (AMT)....................... 5.200 12/01/19 994,950
1,200 Bucks Cnty, PA Indl Dev Auth
Rev Lutheran Cmnty Telford
Ctr.................................... 5.750 01/01/37 1,117,860
1,000 Canon McMillan Sch Dist PA Ser
B (FGIC Insd).......................... 5.500 12/01/29 1,047,940
2,270 Carbon Cnty, PA Indl Dev Auth
Panther Creek Partn Proj Rfdg
(AMT) (LOC: Paribas & Union
Bk of CA Intl)......................... 6.650 05/01/10 2,336,579
1,435 Central Greene, PA Sch Dist Rfdg
Ser B (FSA Insd) (b)................... 5.000 02/15/24 1,523,166
1,000 Chartiers Vly, PA Indl & Coml Dev
Auth First Mtg Rev Asbury Hlth
Ctr Rfdg............................... 6.375 12/01/19 1,019,470
1,000 Chartiers Vly, PA Indl & Coml Dev
Auth First Mtg Rev Asbury Hlth
Ctr Rfdg............................... 6.375 12/01/24 1,016,670
3,000 Cheltenham Twp, PA (AMBAC
Insd).................................. 5.000 01/01/28 3,104,100
3,555 Chester Cnty, PA Indl Dev Auth
Rev Collegium Charter Sch Proj
Ser A (ACA Insd)....................... 5.500 04/15/31 2,910,407
1,500 Crawford Cnty, PA Hosp Auth Sr
Living Fac Rev Westbury Utd
Methodist Cmnty........................ 6.250 08/15/29 1,492,920
1,000 Cumberland Cnty, PA Muni Auth
Dickinson College Ser A
(AMBAC Insd) (Prerefunded @
11/01/10).............................. 5.500 11/01/30 1,085,100
2,000 Cumberland Cnty, PA Muni Auth
Messiah Village Proj Ser A (f)......... 6.000 07/01/35 2,031,360
2,750 Cumberland Cnty, PA Muni Auth
Rev Diakon Lutheran Ministries
Proj................................... 5.000 01/01/27 2,590,995
5,000 Dauphin Cnty, PA Genl Auth
Hosp Rev Hapsco West PA
Hosp Proj B Rfdg (MBIA
Insd) (d).............................. 6.250 07/01/16 5,680,700
360 Delaware Cnty, PA Auth College
Cabrini College (Radian Insd).......... 5.750 07/01/23 365,699
1,640 Delaware Cnty, PA Auth College
Cabrini College (Radian Insd)
(Prerefunded @ 7/01/09)................ 5.750 07/01/23 1,722,968
2,295 Delaware Cnty, PA Auth College
Neumann College Rfdg (b)............... 5.875 10/01/21 2,384,298
2,000 Delaware Cnty, PA Auth College
Neumann College Rfdg................... 6.000 10/01/31 2,042,260
1,000 Delaware Cnty, PA Auth Rev
White Horse Vlg Proj Rfdg Ser
A (Prerefunded @ 7/01/10).............. 7.625 07/01/30 1,129,990
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 2,728,742
9,300 Delaware Cnty, PA Indl Dev Auth
Rev Wtr Fac Aqua PA Inc Proj
Ser B (FGIC Insd) (AMT) (c)............ 5.000 11/01/36 9,229,227
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 3,976,520
1,750 Delaware Cnty, PA Indl Dev Auth
Rev Wtr Fac (FGIC Insd)
(AMT).................................. 6.000 06/01/29 1,810,445
2,500 Delaware Cnty, PA Indl Dev Auth
Wtr Fac PA Subn Wtr (AMBAC
Insd) (AMT)............................ 5.350 10/01/31 2,529,000
8,000 Delaware Vly, PA Regl Fin Auth............ 5.750 07/01/17 9,370,080
2,800 Erie, PA Sch Dist (AMBAC Insd)
(Prerefunded @ 9/01/10)................ 5.800 09/01/29 3,045,980
2,735 Exeter Twp, PA Sch Dist (FGIC
Insd).................................. 5.000 05/15/25 2,843,962
6,010 Falls Twp, PA Hosp Auth Hosp
Rev DE Vly Med Rfdg
(FHA Gtd).............................. 7.000 08/01/22 6,059,342
1,000 Fayette Cnty, PA (AMBAC Insd)
(Prerefunded @ 11/15/10)............... 5.625 11/15/28 1,089,570
10,005 Geisinger Auth PA Health Sys (c) (e)...... 4.061 05/01/37 7,995,796
6,575 Harrisburg, PA Auth Wtr Rev
Rfdg (FSA Insd) (b).................... 5.000 07/15/21 7,098,173
1,000 Harveys Lake Genl Muni Auth PA
College Rev College
Misericordia Proj (ACA Insd)........... 6.000 05/01/19 1,016,380
1,985 Jim Thorpe, PA Area Sch Dist
(FSA Insd) (b)......................... 5.000 03/15/25 2,086,156
4,700 Lancaster Cnty, PA Hosp Auth
Rev Brethren Vlg Proj Ser A............ 6.500 07/01/40 4,749,068
5,000 Lancaster Cnty, PA Hosp Auth
Rev Hlth Sys Lancaster Gen
Rfdg Ser B............................. 4.500 03/15/31 4,781,500
5,000 Lancaster Cnty, PA Hosp Auth
Rev Hlth Sys Lancaster Gen
Rfdg Ser B............................. 4.500 03/15/36 4,692,550
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 12/15/20 951,930
1,510 Lehigh Cnty, PA Gen Purp Auth
Cedar Crest College Rfdg
(Radian Insd).......................... 5.000 04/01/26 1,523,001
2,000 Lehigh Cnty, PA Gen Purp Auth
Rev Good Shepherd Group Ser
A...................................... 5.500 11/01/24 2,109,800
1,000 Lehigh Cnty, PA Gen Purp Auth
Rev Good Shepherd Group Ser
A...................................... 5.625 11/01/34 1,037,380
1,750 Lehigh Cnty, PA Gen Purp Auth
Rev Hosp Saint Lukes
Bethlehem (Prerefunded @
8/15/13)............................... 5.375 08/15/33 1,973,282
1,240 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser A
(MBIA Insd) (AMT) (b).................. 5.000 01/01/20 1,289,154
1,360 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser A
(MBIA Insd) (AMT) (b).................. 5.000 01/01/22 1,395,102
675 Lehigh Northampton, PA Arpt
Lehigh Vly Arpt Sys Rfdg Ser A
(MBIA Insd) (AMT)...................... 5.000 01/01/23 688,810
1,500 Lehigh Northampton, PA Arpt Ser
A (MBIA Insd) (AMT).................... 6.000 05/15/25 1,557,060
2,700 Lehigh Northampton, PA Arpt Ser
A (MBIA Insd) (AMT).................... 6.000 05/15/30 2,802,708
6,650 Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd)........................... 5.350 07/01/26 6,917,995
5,000 Lycoming Cnty, PA Auth College
Rev PA College of Technology
(AMBAC Insd)........................... 5.375 07/01/30 5,205,500
1,000 Mercer Cnty, PA (FGIC Insd)............... 5.500 10/01/15 1,090,140
5,000 Mercer Cnty, PA Indl Dev Auth
Wtr Fac Sub Corp (MBIA Insd)
(AMT).................................. 6.000 07/01/30 5,212,150
1,000 Mifflin Cnty, PA Hosp Auth Rev
(Radian Insd) (Prerefunded @
1/01/11)............................... 6.200 07/01/25 1,115,880
2,500 Mifflin Cnty, PA Hosp Auth Rev
(Radian Insd) (Prerefunded @
1/01/11)............................... 6.200 07/01/30 2,789,700
3,755 Mifflin Cnty, PA Ser A (FGIC
Insd) (b).............................. 5.000 09/01/31 3,824,054
3,000 Monroe Cnty, PA Hosp Auth Rev
Hosp Pocono Med Ctr.................... 5.250 01/01/43 2,823,030
3,000 Monroe Cnty, PA Hosp Auth Rev
Hosp Pocono Med Ctr
(Prerefunded @ 1/01/14)................ 6.000 01/01/43 3,490,680
6,500 Montgomery Cnty, PA Higher Ed
& Hlth Auth Hosp Rev Abington
Mem Hosp Ser A......................... 5.125 06/01/32 6,481,605
5,000 Montgomery Cnty, PA Higher Ed
& Hlth Auth Rev Dickinson
College Proj Ser FF-1 (CIFG
Insd).................................. 5.000 05/01/28 5,034,900
12,000 Montgomery Cnty, PA Indl Dev
Auth Retirement Cmnty Rev Ser
A (c).................................. 4.500 11/15/36 10,313,580
2,000 Montgomery Cnty, PA Indl Dev
Auth Rev Mtg Whitemarsh
Continuing Care........................ 6.250 02/01/35 1,994,820
6,000 Montour, PA Sch Dist (FSA Insd)........... 5.000 04/01/37 6,248,100
4,000 Moon Area Sch Dist PA (FSA
Insd).................................. 5.000 11/15/25 4,220,000
2,345 Moon Indl Dev Auth PA Ed Fac
Rev Ellis Sch Proj (Prerefunded
@ 3/01/09)............................. 5.800 03/01/25 2,436,572
1,500 Mount Lebanon, PA Hosp Auth
Saint Clair Mem Hosp Ser A............. 5.625 07/01/32 1,529,235
1,000 Northeastern York, PA Sch Dist
Ser B (FGIC Insd)...................... 5.000 04/01/30 1,033,740
2,000 Northeastern York, PA Sch Dist
Ser B (FGIC Insd)...................... 5.000 04/01/31 2,065,960
2,100 Owen J. Roberts Sch Dist PA
(FSA Insd)............................. 5.000 05/15/27 2,202,207
3,500 Pennsylvania Econ Dev Fin Auth
Exempt Fac Rev Reliant Energy
Ser B (AMT)............................ 6.750 12/01/36 3,587,220
1,000 Pennsylvania Econ Dev Fin Auth
Res Recovery Rev Colver Proj
Rfdg Ser G (AMT)....................... 5.125 12/01/15 975,390
1,000 Pennsylvania Econ Dev Fin Auth
Solid Waste Disp Rev Waste
Mgmt Inc Proj Ser A (AMT).............. 5.100 10/01/27 952,560
1,585 Pennsylvania Hsg Fin Agy
Ser 100A (AMT)......................... 5.100 10/01/22 1,618,650
3,500 Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 94-A
(AMT).................................. 5.100 10/01/31 3,487,820
3,200 Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 96-A
(AMT) (c).............................. 4.600 10/01/27 2,983,608
4,500 Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 96-A
(AMT) (c).............................. 4.650 10/01/31 4,195,700
8,300 Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 96-A
(AMT) (c).............................. 4.700 10/01/37 7,738,735
4,000 Pennsylvania Hsg Fin Agy Single
Family Mtg Rev Ser 97-A
(AMT) (c).............................. 4.700 10/01/37 3,729,511
520 Pennsylvania Hsg Fin Agy Single
Family Mtg Ser 66-A (AMT).............. 5.650 04/01/29 532,693
960 Pennsylvania Hsg Fin Agy Single
Family Mtg Ser 90-A (AMT).............. 4.700 10/01/25 936,643
2,500 Pennsylvania St Higher Ed Fac
Auth Rev Allegheny College............. 4.800 05/01/36 2,430,500
1,000 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn Inc
Ser A (XLCA Insd)...................... 5.000 07/01/28 978,050
1,500 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn Inc
Ser A (XLCA Insd)...................... 5.000 07/01/33 1,463,055
1,500 Pennsylvania St Higher Ed Fac
Auth Rev Clarion Univ Fndtn Inc
Ser A (XLCA Insd)...................... 5.250 07/01/18 1,561,905
3,000 Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ (b)............... 5.500 05/01/16 3,303,750
4,000 Pennsylvania St Higher Ed Fac
Auth Rev Drexel Univ (b)............... 5.500 05/01/17 4,432,920
1,000 Pennsylvania St Higher Ed Fac
Auth Rev Geneva College Proj
(Prerefunded @ 4/01/12)................ 6.125 04/01/22 1,135,980
5,500 Pennsylvania St Higher Ed Fac
Auth Rev La Salle Univ................. 5.500 05/01/34 5,539,325
1,000 Pennsylvania St Higher Ed Fac
Auth Rev LaSalle Univ Ser A............ 5.000 05/01/37 942,830
1,000 Pennsylvania St Higher Ed Fac
Auth Rev La Salle Univ Ser A........... 5.250 05/01/27 1,012,860
3,000 Pennsylvania St Higher Ed Fac
Auth Rev Messiah College Ser
AA-3 (Radian Insd)..................... 5.500 11/01/22 3,141,000
1,000 Pennsylvania St Higher Ed Fac
Auth Rev PA Univ....................... 5.000 06/01/35 947,210
1,540 Pennsylvania St Higher Ed Fac
Auth Rev Thomas Jefferson
Univ................................... 5.375 01/01/25 1,608,792
6,000 Pennsylvania St Higher Ed Fac
Auth Rev Univ Sciences
Philadelphia Ser A (XLCA
Insd).................................. 5.000 11/01/36 5,896,200
7,850 Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser
A...................................... 6.000 01/15/31 8,419,125
6,600 Pennsylvania St Higher Ed Fac
Auth Rev UPMC Hlth Sys Ser A
(FSA Insd)............................. 5.000 08/01/29 6,768,828
18,345 Pennsylvania St Pub Sch Bldg
Auth Lease Rev Sch Dist
Philadelphia Proj Ser B (FSA
Insd) (c).............................. 4.500 06/01/32 19,303,555
1,200 Pennsylvania St Tpk Com Tpk
Rev Ser A (AMBAC Insd)................. 5.250 12/01/21 1,289,508
2,000 Pennsylvania St Univ...................... 5.000 09/01/29 2,081,180
4,000 Pennsylvania St Univ...................... 5.000 09/01/35 4,144,040
1,250 Philadelphia, PA Arpt Rev Ser A
(MBIA Insd) (AMT)...................... 5.000 06/15/23 1,267,625
15,000 Philadelphia, PA Auth for Indl Dev
Rev Cultural & Coml Corridors
Pgm Ser A (FGIC Insd) (c).............. 4.450 12/01/31 13,688,479
2,500 Philadelphia, PA Auth for Indl
Dev Rev First Philadelphia
Charter Ser A.......................... 5.850 08/15/37 2,457,500
2,610 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj............................ 5.250 09/01/21 2,709,389
4,230 Philadelphia, PA Auth for Indl
Dev Rev Please Touch
Museum Proj............................ 5.250 09/01/26 4,283,721
1,000 Philadelphia, PA Auth for Indl
Dev Rev Please Touch Museum
Proj................................... 5.250 09/01/31 984,670
6,700 Philadelphia, PA Auth for Indl
Dev Rev Please Touch Museum
Proj................................... 5.250 09/01/36 6,520,842
2,500 Philadelphia, PA Auth for Indl
Dev Rev Ser A.......................... 5.500 09/15/37 2,342,375
4,005 Philadelphia, PA Auth Indl Dev
Amern College of
Physicians (b)......................... 5.500 06/15/27 4,078,131
2,250 Philadelphia, PA Auth Indl Dev PA
Arpt Sys Proj Ser A (FGIC Insd)
(AMT).................................. 5.125 07/01/19 2,312,010
2,500 Philadelphia, PA Auth Indl Dev PA
Arpt Sys Proj Ser A (FGIC Insd)
(AMT).................................. 5.250 07/01/28 2,529,825
4,000 Philadelphia, PA Auth Indl Ser B
(FSA Insd) (Prerefunded @
10/01/11).............................. 5.125 10/01/26 4,408,760
11,160 Philadelphia, PA Auth Indl Ser B
(FSA Insd) (Prerefunded @
10/01/11).............................. 5.500 10/01/17 12,446,302
3,000 Philadelphia, PA (FSA Insd)
(Prerefunded @ 3/15/09)................ 5.000 03/15/28 3,126,480
3,900 Philadelphia, PA Gas Wks Rev
12th Ser B (MBIA Insd) (d)............. 7.000 05/15/20 4,767,945
1,000 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Chestnut Hill
College (Prerefunded @
10/01/09).............................. 6.000 10/01/29 1,078,600
8,500 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Childrens
Proj (c)............................... 4.500 07/01/33 8,243,040
16,000 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Childrens
Proj (c)............................... 4.500 07/01/37 15,516,311
1,455 Philadelphia, PA Hosp & Higher
Ed Fac Auth Rev Cmnty College
Rfdg Ser B (MBIA Insd) (b)............. 6.500 05/01/09 1,525,364
1,645 Philadelphia, PA Proj Auth Rev
Ser A (AMBAC Insd)..................... 5.250 02/15/29 1,685,039
12,940 Philadelphia PA, Redev Auth
Residential Mtg Ln Rev Ser A
(AMT) (c).............................. 4.750 12/01/28 12,290,477
1,905 Philadelphia, PA Redev Auth Rev
Neighborhood Trans Ser A
(FGIC Insd)............................ 5.500 04/15/16 2,087,099
500 Pittsburgh & Allegheny Cnty, PA
Pub Aud Hotel Room (AMBAC
Insd).................................. 5.125 02/01/35 507,950
16,000 Pittsburgh & Allegheny Cnty, PA
Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd)....................... 5.000 02/01/24 16,464,000
4,990 Pittsburgh & Allegheny Cnty, PA
Pub Aud Regl Asset Dist Sales
Tax (AMBAC Insd)....................... 5.000 02/01/29 5,043,692
2,215 Pittsburgh, PA Pub Pkg Auth Rev
Rfdg Ser A (FGIC Insd)................. 5.000 12/01/25 2,288,029
5,140 Pittsburgh, PA Ser A (AMBAC
Insd).................................. 5.500 09/01/17 5,606,506
4,860 Pittsburgh, PA Ser A (AMBAC
Insd) (Prerefunded @ 3/01/12).......... 5.500 09/01/17 5,408,111
2,000 Pittsburgh, PA Ser A (FGIC Insd)
(Prerefunded @ 9/01/09)................ 5.750 09/01/21 2,111,200
3,000 Pittsburgh, PA Ser A (FGIC Insd)
(Prerefunded @ 9/01/09)................ 5.750 09/01/22 3,166,800
1,000 Pittsburgh, PA Urban Redev Auth
Cent Triangle Tax Increment
Ser A (Prerefunded @
5/01/09)............................... 6.100 05/01/19 1,049,080
1,570 Pittsburgh, PA Urban Redev Auth
Mtg Rev Ser A (GNMA
Collateralized) (AMT).................. 5.000 10/01/36 1,526,778
1,495 Pittsburgh, PA Urban Redev Auth
Mtg Rev Ser C (GNMA
Collateralized) (AMT).................. 5.700 04/01/30 1,502,206
1,345 Radnor Twp, PA Sch Dist Ser A
(FSA Insd)............................. 5.000 02/15/32 1,393,783
2,300 Radnor Twp, PA Sch Dist Ser A
(FSA Insd) (b)......................... 5.000 02/15/35 2,377,786
1,500 Radnor Twp, PA Sch Dist Ser B
(FSA Insd)............................. 5.000 02/15/28 1,565,505
2,000 Rostraver Twp, PA (AMBAC Insd)
(Prerefunded @ 7/01/10)................ 5.500 07/01/24 2,153,240
1,000 Saxonburg, PA Area Auth Swr &
Wtr Rev (AGL Insd)..................... 5.000 03/01/30 1,040,750
1,500 Saxonburg, PA Area Auth Swr &
Wtr Rev (AGL Insd)..................... 5.000 03/01/35 1,554,930
1,000 Southcentral, PA Gen Auth Rev
Hanover Hosp Inc (Radian
Insd).................................. 5.000 12/01/30 993,200
900 Southcentral, PA Gen Auth Rev
Wellspan (MBIA Insd) (b)............... 5.375 05/15/28 955,359
4,100 Southcentral, PA Gen Auth Rev
Wellspan (MBIA Insd)
(Prerefunded @ 5/15/11) (b)............ 5.375 05/15/28 4,517,831
2,000 Southcentral, PA Gen Auth Rev
York College of Penn Assoc
(XLCA Insd)............................ 5.000 05/01/37 2,002,040
2,360 State Pub Sch Bldg Auth PA Sch
Rev Jefferson Cnty Dubois
Tech Sch (FGIC Insd) (b)............... 5.375 02/01/23 2,535,466
2,140 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT)..................... 5.375 01/01/21 2,215,863
5,205 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT)..................... 5.375 01/01/23 5,354,644
2,545 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser A
(AMBAC Insd) (AMT) (b)................. 5.500 01/01/18 2,689,352
5,500 Susquehanna Area Regl Arpt
Auth PA Arpt Sys Rev Ser D............. 5.375 01/01/18 5,410,240
1,950 Swarthmore Boro Auth PA
College................................ 5.250 09/15/18 2,119,104
2,850 Trinity Area Sch Dist PA (FGIC
Insd).................................. 5.250 11/01/20 3,125,453
1,820 Twin Vly, PA Sch Dist (FSA Insd).......... 5.250 04/01/26 1,948,365
1,000 Union Cnty, PA Higher Ed Fac
Auth Bucknell Univ Ser A............... 5.250 04/01/19 1,092,140
2,300 Union Cnty, PA Hosp Auth Hosp
Rev Evangelical Cmnty Hosp
(Radian Insd).......................... 5.250 08/01/24 2,366,010
1,285 Unity Twp, PA Muni Auth Swr Rev
(FSA Insd)............................. 5.000 12/01/24 1,353,632
5,025 Washington Cnty, PA Bal Ser A
(AMBAC Insd)........................... 5.125 09/01/27 5,228,462
825 Washington Cnty, PA Ser A
(AMBAC Insd) (Prerefunded
@ 9/01/12)............................. 5.125 09/01/27 914,892
6,000 West Shore, PA Area Hosp Auth
Holy Spirit Hosp Proj.................. 6.250 01/01/32 6,184,980
1,550 Westmoreland Cnty, PA Indl Dev
Auth Rev Retirement Cmnty
Redstone Ser A......................... 5.750 01/01/26 1,486,388
4,000 York Cnty, PA Indl Dev Auth Wtr
Co Proj (FGIC Insd) (AMT).............. 4.750 10/01/36 3,772,800
2,200 York Cnty, PA (MBIA Insd)................. 5.000 06/01/29 2,284,326
2,200 York Cnty, PA (MBIA Insd)................. 5.000 06/01/33 2,272,534
-------------
620,212,632
-------------
GUAM 2.0%
2,700 Guam Econ Dev & Comm
Auth Tob Settlement.................... 5.625 06/01/47 2,641,194
3,000 Guam Govt Ser A........................... 5.250 11/15/37 2,825,670
1,585 Guam Intl Arpt Auth Gen Ser B
(MBIA Insd)............................ 5.250 10/01/21 1,724,258
-------------
7,191,122
-------------
PUERTO RICO 5.3%
4,000 Puerto Rico Comwlth Hwy &
Trans Auth Hwy Rev Rfdg Ser Y
(FSA Insd)............................. 6.250 07/01/21 4,866,640
5,000 Puerto Rico Comwlth
Infrastrucure Fin Auth Spl Ser
B...................................... 5.000 07/01/41 4,845,900
2,725 Puerto Rico Elec Pwr Auth Pwr
Rev Ser TT (c)......................... 5.000 07/01/32 2,713,031
6,135 Puerto Rico Elec Pwr Auth Pwr
Ser TT (c)............................. 5.000 07/01/37 6,108,052
-------------
18,533,623
-------------
U.S. VIRGIN ISLANDS 2.4%
1,500 University VI Impt Ser A.................. 5.375 06/01/34 1,479,090
1,000 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser A........... 6.375 10/01/19 1,074,890
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 3,302,310
1,500 Virgin Islands Pub Fin Auth Rev
Gross Rcpt Taxes Ln Nt Ser A
(Prerefunded @ 10/01/10)............... 6.500 10/01/24 1,675,890
1,000 Virgin Islands Wtr & Pwr Auth
Elec Sys Rev Ser A..................... 5.000 07/01/31 974,380
-------------
8,506,560
-------------
TOTAL LONG-TERM INVESTMENTS 185.0%
(Cost $644,663,397).................................................. 654,443,937
TOTAL SHORT-TERM INVESTMENTS 0.2%
(Cost $900,000)...................................................... 900,000
-------------
TOTAL INVESTMENTS 185.2%
(Cost $645,563,397).................................................. 655,343,937
LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED
TO SECURITIES HELD (28.9%)
(Cost ($102,330,000))
(102,330) Notes with interest rates ranging from
2.25% to 4.00% at January 31, 2008 and
contractual maturities of collateral ranging
from 2028 to 2037 (g) ............................................ (102,330,000)
-------------
TOTAL NET INVESTMENTS 156.3%
(Cost $543,233,397).................................................. 553,013,937
OTHER ASSETS IN EXCESS OF LIABILITIES 6.0%.............................. 21,099,246
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)
(62.3%).............................................................. (220,340,377)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%........................... $ 353,772,806
-------------
Percentages are calculated as a percentage of net assets applicable to common
shares.
(a) All or a portion of this security has been physically segregated in
connection with open futures contracts.
(b) The Trust owns 100% of the outstanding bond issuance.
(c) Underlying security related to Inverse Floaters entered into by the Trust.
(d) Escrowed to Maturity
(e) Floating Rate Coupon
(f) Security purchased on a when-issued or delayed delivery basis.
(g) Floating rate notes. The interest rates shown reflect the rates in effect
at January 31, 2008.
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, 2008:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
--------- --------------
SHORT CONTRACTS:
U.S. Treasury Bonds Futures, March 2008 (Current
Notional Value of $119,313 per contract)......... 310 $(637,523)
--- ---------
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 20, 2008
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 20, 2008
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 20, 2008