N-Q
 
 
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)
522 Fifth Avenue, New York, New York 10036
 

(Address of principal executive offices) (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
 
(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: 1/31/09
 
 

 


 

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, 2009 (Unaudited)
                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Municipal Bonds 175.0%
                       
     
Pennsylvania 168.7%
                       
$ 2,000  
Abington, PA Sch Dist, Ser A (FSA Insd)
    5.000 %     04/01/32     $ 1,970,180  
  3,000  
Allegheny Cnty, PA Arpt Auth Rev Pittsburgh Intl Arpt Rfdg (MBIA Insd) (AMT)
    5.750       01/01/18       3,042,210  
  2,000  
Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Carnegie Mellon Univ (a)
    5.125       03/01/32       1,992,690  
  2,750  
Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Carnegie Mellon Univ (a)
    5.250       03/01/32       2,681,663  
  1,165  
Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Duquesne Univ
    5.000       03/01/21       1,191,772  
  1,200  
Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Duquesne Univ
    5.000       03/01/33       1,063,404  
  1,000  
Allegheny Cnty, PA Higher Ed Bldg Auth Univ Rev Robert Morris Univ, Ser A
    6.000       10/15/38       695,070  
  1,360  
Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys, Ser A (MBIA Insd) (Prerefunded @ 11/15/10)
    6.500       11/15/30       1,515,013  
  6,000  
Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West Penn, Ser A
    5.375       11/15/40       3,130,800  
  735  
Allegheny Cnty, PA Hosp Dev Auth Rev OH Vly Gen Hosp Proj, Ser A
    5.000       04/01/25       527,605  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 3,145  
Allegheny Cnty, PA Hosp Dev Auth Rev OH Vly Gen Hosp Proj, Ser A
    5.125 %     04/01/35     $ 2,010,693  
  2,000  
Allegheny Cnty, PA Indl Dev Auth Lease Rev Cargo Fac Afco Cargo PIT LLC (AMT)
    6.625       09/01/24       1,494,460  
  1,130  
Allegheny Cnty, PA Indl Dev Auth Lease Rev Residential Res Inc Proj
    5.125       09/01/31       796,040  
  3,000  
Allegheny Cnty, PA Port Auth Spl Rev Trans (MBIA Insd)
    5.000       03/01/29       2,687,790  
  1,155  
Allegheny Cnty, PA Redev Auth Tax Increment Rev Robinson Mall Proj, Ser A
    7.000       11/01/17       1,160,567  
  400  
Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser II-1 (GNMA Collateralized) (AMT)
    5.800       05/01/21       405,136  
  615  
Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser II-2 (GNMA Collateralized) (AMT)
    5.800       11/01/20       622,983  
  3,100  
Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser KK-2 (GNMA Collateralized) (AMT)
    5.750       05/01/33       2,944,442  
  1,510  
Allegheny Cnty, PA Residential Fin Auth Mtg Rev Single Family, Ser MM (GNMA Collateralized) (AMT)
    5.200       05/01/33       1,323,409  
  460  
Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)
    5.500       12/01/30       461,063  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,000  
Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd)
    5.750 %     12/01/13     $ 1,069,860  
  2,220  
Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) (Prerefunded @ 12/01/10)
    5.750       12/01/17       2,437,049  
  1,830  
Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd) (Prerefunded @ 12/01/10)
    5.750       12/01/18       2,008,919  
  1,000  
Allegheny Cnty, PA, Ser C 61 (AGL Insd)
    5.000       12/01/33       983,170  
  4,935  
Beaver Cnty, PA NTS (FSA Insd) (b)
    5.550       11/15/31       5,058,720  
  1,500  
Berks Cnty, PA Indl Dev Auth First Mtg Rev Rfdg One Douglassville Proj A (AMT)
    6.125       11/01/34       1,018,275  
  1,800  
Berks Cnty, PA Muni Auth Albright College Proj
    5.500       10/01/17       1,478,484  
  1,695  
Berks Cnty, PA Muni Auth Albright College Proj Rfdg, Ser A
    5.500       10/01/16       1,433,292  
  3,000  
Bethlehem, PA Auth Wtr Gtd (FSA Insd)
    5.000       11/15/19       3,200,520  
  1,000  
Bradford Cnty, PA Indl Dev Auth Solid Waste Disp Rev Intl Paper Rfdg, Ser B (AMT)
    5.200       12/01/19       712,420  
  2,000  
Bucks Cnty, PA Indl Dev Auth Retirement Cmnty Fac Rev Ann’s Choice Inc, Ser A
    6.250       01/01/35       1,269,760  
  1,200  
Bucks Cnty, PA Indl Dev Auth Rev Lutheran Cmnty Telford Ctr
    5.750       01/01/37       700,848  
  2,230  
Burrell, PA Sch Dist, Ser A (FSA Insd)
    5.000       07/15/25       2,279,216  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,000  
Canon McMillan Sch Dist PA, Ser B (MBIA Insd)
    5.500 %     12/01/29     $ 993,790  
  1,635  
Carbon Cnty, PA Indl Dev Auth Panther Creek Partn Proj Rfdg (AMT)
    6.650       05/01/10       1,661,193  
  1,000  
Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev Asbury Hlth Ctr Rfdg
    6.375       12/01/19       860,490  
  1,000  
Chartiers Vly, PA Indl & Coml Dev Auth First Mtg Rev Asbury Hlth Ctr Rfdg
    6.375       12/01/24       762,250  
  1,000  
Connellsville, PA Area Sch Dist Nts, Ser B (FSA Insd)
    5.000       11/15/37       967,340  
  1,500  
Crawford Cnty, PA Hosp Auth Sr Living Fac Rev Westbury Utd Methodist Cmnty
    6.250       08/15/29       1,077,120  
  1,000  
Cumberland Cnty, PA Muni Auth Dickinson College
    5.000       11/01/26       916,630  
  1,000  
Cumberland Cnty, PA Muni Auth Dickinson College, Ser A (AMBAC Insd) (Prerefunded @ 11/01/10)
    5.500       11/01/30       1,081,230  
  2,000  
Cumberland Cnty, PA Muni Auth Messiah Village Proj, Ser A
    6.000       07/01/35       1,451,720  
  2,750  
Cumberland Cnty, PA Muni Auth Rev Diakon Lutheran Ministries Proj
    5.000       01/01/27       1,960,172  
  5,000  
Dauphin Cnty, PA Gen Auth Hosp Rev Hapsco West PA Hosp Proj B Rfdg (MBIA Insd) (c)
    6.250       07/01/16       5,809,900  
  1,000  
Deer Lakes Sch Dist PA (AGL Insd) (b)
    5.375       04/01/34       1,003,420  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 360  
Delaware Cnty, PA Auth College Cabrini College (Syncora Gtd)
    5.750 %     07/01/23     $ 326,045  
  1,640  
Delaware Cnty, PA Auth College Cabrini College (Syncora Gtd) (Prerefunded @ 7/01/09)
    5.750       07/01/23       1,676,195  
  1,500  
Delaware Cnty, PA Auth College Neumann College
    6.250       10/01/38       1,258,680  
  2,295  
Delaware Cnty, PA Auth College Neumann College Rfdg
    5.875       10/01/21       2,109,977  
  2,000  
Delaware Cnty, PA Auth College Neumann College Rfdg
    6.000       10/01/31       1,674,180  
  1,000  
Delaware Cnty, PA Auth Rev White Horse Vlg Proj Rfdg, Ser A (Prerefunded @ 7/01/10)
    7.625       07/01/30       1,104,120  
  2,750  
Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser A (MBIA Insd) (AMT)
    5.000       11/01/37       2,108,507  
  9,300  
Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser B (MBIA Insd) (AMT)
    5.000       11/01/36       7,165,371  
  4,000  
Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac Aqua PA Inc Proj, Ser C (MBIA Insd) (AMT)
    5.000       02/01/35       3,111,160  
  1,750  
Delaware Cnty, PA Indl Dev Auth Rev Wtr Fac (MBIA Insd) (AMT)
    6.000       06/01/29       1,625,820  
  2,500  
Delaware Cnty, PA Indl Dev Auth Wtr Fac PA Subn Wtr (AMBAC Insd) (AMT)
    5.350       10/01/31       2,106,550  
  8,000  
Delaware Vly, PA Regl Fin Auth Loc Govt Rev (a)
    5.750       07/01/17       8,694,160  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,500  
Erie, PA Higher Ed Bldg Auth College Rev Mercyhurst College
    5.500 %     03/15/38     $ 1,129,095  
  2,800  
Erie, PA Sch Dist (AMBAC Insd) (Prerefunded @ 9/01/10)
    5.800       09/01/29       3,021,480  
  2,735  
Exeter Twp, PA Sch Dist (MBIA Insd)
    5.000       05/15/25       2,780,210  
  1,000  
Fayette Cnty, PA (AMBAC Insd) (Prerefunded @ 11/15/10)
    5.625       11/15/28       1,085,090  
  2,000  
Fulton Cnty, PA Indl Dev Auth Hosp Rev Fulton Cnty Med Ctr Proj
    5.900       07/01/40       1,217,400  
  1,000  
Harrisburg, PA Auth Wtr Rev Rfdg
    5.250       07/15/31       980,590  
  6,575  
Harrisburg, PA Auth Wtr Rev Rfdg (FSA Insd)
    5.000       07/15/21       6,842,076  
  425  
Harveys Lake Gen Muni Auth PA College Rev Misericordia Proj (ACA Insd) (Prerefunded @ 11/01/09)
    6.000       05/01/19       441,452  
  575  
Harveys Lake Gen Muni Auth PA College Rev Misericordia Proj (ACA Insd)
    6.000       05/01/19       517,592  
  4,700  
Lancaster Cnty, PA Hosp Auth Rev Brethren Vlg Proj, Ser A
    6.500       07/01/40       3,623,136  
  3,500  
Lancaster, PA Higher Ed Auth Rev Franklin & Marshall College
    5.000       04/15/22       3,558,205  
  1,000  
Lebanon Cnty, PA Hlth Fac Pleasant View Auth Hlth Ctr Rev Retirement, Ser A
    5.125       12/15/20       732,350  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,510  
Lehigh Cnty, PA Gen Purp Auth Cedar Crest College Rfdg (Syncora Gtd)
    5.000 %     04/01/26     $ 1,207,607  
  2,000  
Lehigh Cnty, PA Gen Purp Auth Rev Good Shepherd Group, Ser A
    5.500       11/01/24       1,921,440  
  1,000  
Lehigh Cnty, PA Gen Purp Auth Rev Good Shepherd Group, Ser A
    5.625       11/01/34       888,350  
  1,000  
Lehigh Cnty, PA Gen Purp Hosp Rev Lehigh Vly Hlth, Ser B (FSA Insd)
    5.000       07/01/35       835,920  
  1,240  
Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (MBIA Insd) (AMT)
    5.000       01/01/20       1,155,767  
  1,360  
Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (MBIA Insd) (AMT)
    5.000       01/01/22       1,212,970  
  675  
Lehigh Northampton, PA Arpt Lehigh Vly Arpt Sys Rfdg, Ser A (MBIA Insd) (AMT)
    5.000       01/01/23       585,373  
  1,500  
Lehigh Northampton, PA Arpt, Ser A (MBIA Insd) (AMT)
    6.000       05/15/25       1,457,370  
  2,700  
Lehigh Northampton, PA Arpt, Ser A (MBIA Insd) (AMT)
    6.000       05/15/30       2,518,722  
  2,500  
Luzerne Cnty, PA, Ser B (FSA Insd)
    5.000       12/15/27       2,533,475  
  6,650  
Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd)
    5.350       07/01/26       6,502,370  
  5,000  
Lycoming Cnty, PA Auth College Rev PA College of Technology (AMBAC Insd)
    5.375       07/01/30       4,752,800  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 5,000  
Mercer Cnty, PA Indl Dev Auth Wtr Fac Sub Corp (MBIA Insd) (AMT)
    6.000 %     07/01/30     $ 4,489,750  
  1,000  
Mercer Cnty, PA (MBIA Insd)
    5.500       10/01/15       1,082,440  
  1,000  
Mifflin Cnty, PA Hosp Auth Rev (Syncora Gtd) (Prerefunded @ 1/01/11)
    6.200       07/01/25       1,104,460  
  2,500  
Mifflin Cnty, PA Hosp Auth Rev (Syncora Gtd) (Prerefunded @ 1/01/11)
    6.200       07/01/30       2,761,150  
  3,755  
Mifflin Cnty, PA, Ser A (MBIA Insd)
    5.000       09/01/31       3,522,903  
  3,000  
Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr
    5.250       01/01/43       1,994,820  
  3,000  
Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med Ctr (Prerefunded @ 1/01/14) (e)
    6.000       01/01/43       3,599,220  
  5,000  
Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp Rev Abington Mem Hosp, Ser A
    5.125       06/01/32       3,791,600  
  5,000  
Montgomery Cnty, PA Higher Ed & Hlth Auth Rev Dickinson College Proj, Ser FF-1 (CIFG Insd)
    5.000       05/01/28       4,802,450  
  9,090  
Montgomery Cnty, PA Indl Dev Auth Retirement Cmnty Rev, Ser A
    4.500       11/15/36       5,294,198  
  1,500  
Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Cmnty Proj
    7.000       02/01/36       1,024,275  
  3,000  
Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care
    6.250       02/01/35       1,880,460  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 2,000  
Montour, PA Sch Dist (FSA Insd)
    5.000 %     04/01/37     $ 1,935,300  
  4,000  
Moon Area Sch Dist PA (FSA Insd)
    5.000       11/15/25       4,127,720  
  2,345  
Moon Indl Dev Auth PA Ed Fac Rev Ellis Sch Proj (Prerefunded @ 3/01/09)
    5.800       03/01/25       2,355,764  
  1,500  
Mount Lebanon, PA Hosp Auth Saint Clair Mem Hosp, Ser A
    5.625       07/01/32       1,219,200  
  2,000  
Northampton Cnty, PA Gen Purp Auth Hosp Rev Saint Lukes Hosp Proj, Ser A
    5.500       08/15/35       1,428,480  
  1,000  
Northeastern York, PA Sch Dist, Ser B (MBIA Insd)
    5.000       04/01/30       957,120  
  2,000  
Northeastern York, PA Sch Dist, Ser B (MBIA Insd)
    5.000       04/01/31       1,897,160  
  2,100  
Owen J. Roberts Sch Dist PA (FSA Insd)
    5.000       05/15/27       2,126,712  
  875  
Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser A (AMT)
    6.750       12/01/36       651,936  
  3,500  
Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy, Ser B (AMT)
    6.750       12/01/36       2,607,745  
  1,500  
Pennsylvania Econ Dev Fin Auth Exempt Fac Rev Reliant Energy Seward, Ser A (AMT)
    6.750       12/01/36       1,117,605  
  900  
Pennsylvania Econ Dev Fin Auth Res Recovery Rev Colver Proj Rfdg, Ser G (AMT)
    5.125       12/01/15       710,757  
  1,585  
Pennsylvania Hsg Fin Agy, Ser 100A (AMT)
    5.100       10/01/22       1,491,105  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 2,750  
Pennsylvania Hsg Fin Agy Single Family Mtg Rev, Ser 94-A (AMT)
    5.100 %     10/01/31     $ 2,408,285  
  520  
Pennsylvania Hsg Fin Agy Single Family Mtg, Ser 66-A (AMT)
    5.650       04/01/29       518,097  
  3,000  
Pennsylvania St First
    5.000       10/01/23       3,187,740  
  1,000  
Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)
    5.000       07/01/28       816,780  
  1,500  
Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)
    5.000       07/01/33       1,154,085  
  1,500  
Pennsylvania St Higher Ed Fac Auth Rev Clarion Univ Fndtn Inc, Ser A (Syncora Gtd)
    5.250       07/01/18       1,514,640  
  3,000  
Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ
    5.500       05/01/16       3,218,400  
  4,000  
Pennsylvania St Higher Ed Fac Auth Rev Drexel Univ
    5.500       05/01/17       4,327,840  
  1,000  
Pennsylvania St Higher Ed Fac Auth Rev Geneva College Proj (Prerefunded @ 4/01/12)
    6.125       04/01/22       1,145,790  
  5,500  
Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ
    5.500       05/01/34       4,223,175  
  1,000  
Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ, Ser A
    5.000       05/01/37       698,050  
  1,000  
Pennsylvania St Higher Ed Fac Auth Rev La Salle Univ, Ser A
    5.250       05/01/27       795,360  
  3,000  
Pennsylvania St Higher Ed Fac Auth Rev Messiah College, Ser AA-3 (Syncora Gtd)
    5.500       11/01/22       2,680,650  
  1,000  
Pennsylvania St Higher Ed Fac Auth Rev PA Univ
    5.000       06/01/35       668,020  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,540  
Pennsylvania St Higher Ed Fac Auth Rev Thomas Jefferson Univ
    5.375 %     01/01/25     $ 1,553,167  
  15,925  
Pennsylvania St Higher Ed Fac Auth Rev Trustees Univ PA, Ser C (a)
    5.000       07/15/38       15,517,798  
  3,320  
Pennsylvania St Higher Ed Fac Auth Rev Univ Sciences Philadelphia, Ser A (Syncora Gtd)
    5.000       11/01/36       3,014,826  
  7,850  
Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys, Ser A (a)
    6.000       01/15/31       7,790,693  
  6,600  
Pennsylvania St Higher Ed Fac Auth Rev UPMC Hlth Sys, Ser A (FSA Insd)
    5.000       08/01/29       6,023,160  
  1,200  
Pennsylvania St Tpk Com Tpk Rev, Ser A (AMBAC Insd)
    5.250       12/01/21       1,287,720  
  12,995  
Pennsylvania St Tpk Com Tpk Rev, Ser A1 (AGL Insd) (a)
    5.000       06/01/38       12,624,513  
  2,500  
Pennsylvania St Tpk Com Tpk Rev Sub, Ser A (AGL Insd)
    5.000       06/01/39       2,423,925  
  2,000  
Pennsylvania St Univ (a)
    5.000       09/01/29       2,011,060  
  4,000  
Pennsylvania St Univ (a)
    5.000       09/01/35       3,919,240  
  1,250  
Philadelphia, PA Arpt Rev, Ser A (MBIA Insd) (AMT)
    5.000       06/15/23       1,105,837  
  2,500  
Philadelphia, PA Auth For Indl Dev Rev First Philadelphia Charter, Ser A
    5.850       08/15/37       1,698,575  
  2,610  
Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj
    5.250       09/01/21       2,160,036  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 4,230  
Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj
    5.250 %     09/01/26     $ 3,221,822  
  1,000  
Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj
    5.250       09/01/31       717,470  
  6,700  
Philadelphia, PA Auth For Indl Dev Rev Please Touch Museum Proj
    5.250       09/01/36       4,625,010  
  2,500  
Philadelphia, PA Auth For Indl Dev Rev, Ser A
    5.500       09/15/37       1,608,375  
  4,005  
Philadelphia, PA Auth Indl Dev Amern College of Physicians
    5.500       06/15/27       3,968,194  
  2,250  
Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (MBIA Insd) (AMT)
    5.125       07/01/19       2,188,867  
  2,500  
Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (MBIA Insd) (AMT)
    5.250       07/01/28       2,133,400  
  4,000  
Philadelphia, PA Auth Indl, Ser B (FSA Insd) (Prerefunded @ 10/01/11)
    5.125       10/01/26       4,449,360  
  11,160  
Philadelphia, PA Auth Indl, Ser B (FSA Insd) (Prerefunded @ 10/01/11)
    5.500       10/01/17       12,523,306  
  3,710  
Philadelphia, PA Gas Wks Rev 12th, Ser B (MBIA Insd) (c)
    7.000       05/15/20       4,707,582  
  1,000  
Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Chestnut Hill College (Prerefunded @ 10/01/09)
    6.000       10/01/29       1,055,550  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,455  
Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Cmnty College Rfdg, Ser B (MBIA Insd)
    6.500 %     05/01/09     $ 1,472,300  
  1,645  
Philadelphia, PA Proj Auth Rev, Ser A (AMBAC Insd)
    5.250       02/15/29       1,520,227  
  1,905  
Philadelphia, PA Redev Auth Rev Neighborhood Trans, Ser A (MBIA Insd)
    5.500       04/15/16       2,004,593  
  2,955  
Philadelphia, PA Redev Auth, Ser A (AMT)
    4.750       12/01/28       2,487,371  
  11,315  
Philadelphia, PA Rfdg, Ser A (FSA Insd) (a)
    5.250       12/15/25       11,594,763  
  2,500  
Philadelphia, PA Sch Dist, Ser E (BHAC Insd)
    5.125       09/01/23       2,628,425  
  1,040  
Philadelphia, PA, Ser B (AGL Insd)
    7.125       07/15/38       1,106,914  
  500  
Pittsburgh & Allegheny Cnty, PA Pub Aud Hotel Room (AMBAC Insd)
    5.125       02/01/35       450,025  
  16,000  
Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset Dist Sales Tax (AMBAC Insd)
    5.000       02/01/24       15,702,080  
  4,990  
Pittsburgh & Allegheny Cnty, PA Pub Aud Regl Asset Dist Sales Tax (AMBAC Insd)
    5.000       02/01/29       4,413,256  
  2,215  
Pittsburgh, PA Pub Pkg Auth Rev Rfdg, Ser A (MBIA Insd)
    5.000       12/01/25       2,153,445  
  5,140  
Pittsburgh, PA, Ser A (AMBAC Insd)
    5.500       09/01/17       5,315,223  
  3,860  
Pittsburgh, PA, Ser A (AMBAC Insd) (Prerefunded @ 3/01/12)
    5.500       09/01/17       4,349,795  
  2,000  
Pittsburgh, PA, Ser A (FGIC Insd) (Prerefunded @ 9/01/09)
    5.750       09/01/21       2,061,180  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 3,000  
Pittsburgh, PA, Ser A (FGIC Insd) (Prerefunded @ 9/01/09)
    5.750 %     09/01/22     $ 3,091,770  
  1,000  
Pittsburgh, PA Urban Redev Auth Cent Triangle Tax Increment, Ser A (Prerefunded @ 5/01/09)
    6.100       05/01/19       1,014,290  
  1,430  
Pittsburgh, PA Urban Redev Auth Mtg Rev, Ser A (GNMA Collateralized) (AMT)
    5.000       10/01/36       1,194,336  
  1,455  
Pittsburgh, PA Urban Redev Auth Mtg Rev, Ser C (GNMA Collateralized) (AMT)
    5.700       04/01/30       1,396,203  
  2,000  
Pittsburgh, PA Wtr & Swr Auth Wtr & Swr Sys Rev 1st Lien, Ser D (FSA Insd)
    5.000       09/01/24       2,031,440  
  3,000  
Pittsburgh, PA Wtr & Swr Auth Wtr & Swr Sys Rev 1st Lien, Ser D (FSA Insd)
    5.000       09/01/25       3,016,440  
  1,345  
Radnor Twp, PA Sch Dist, Ser A (FSA Insd)
    5.000       02/15/32       1,325,067  
  2,300  
Radnor Twp, PA Sch Dist, Ser A (FSA Insd)
    5.000       02/15/35       2,250,780  
  1,500  
Radnor Twp, PA Sch Dist, Ser B (FSA Insd)
    5.000       02/15/28       1,523,370  
  2,000  
Rostraver Twp, PA (AMBAC Insd) (Prerefunded @ 7/01/10)
    5.500       07/01/24       2,136,380  
  1,000  
Saxonburg, PA Area Auth Swr & Wtr Rev (AGL Insd)
    5.000       03/01/30       954,810  
  1,500  
Saxonburg, PA Area Auth Swr & Wtr Rev (AGL Insd)
    5.000       03/01/35       1,396,680  
  1,000  
Southcentral, PA Gen Auth Rev Hanover Hosp Inc (Radian Insd)
    5.000       12/01/30       731,220  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 900  
Southcentral, PA Gen Auth Rev Wellspan (MBIA Insd)
    5.375 %     05/15/28     $ 953,505  
  4,100  
Southcentral, PA Gen Auth Rev Wellspan (MBIA Insd) (Prerefunded @ 5/15/11)
    5.375       05/15/28       4,533,001  
  2,000  
Southcentral, PA Gen Auth Rev York College Of Penn Assoc (Syncora Gtd)
    5.000       05/01/37       1,804,400  
  2,360  
State Pub Sch Bldg Auth PA Sch Rev Jefferson Cnty Dubois Tech Sch (MBIA Insd)
    5.375       02/01/23       2,450,341  
  2,140  
Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)
    5.375       01/01/21       2,013,269  
  5,205  
Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)
    5.375       01/01/23       4,691,318  
  2,545  
Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser A (AMBAC Insd) (AMT)
    5.500       01/01/18       2,550,192  
  5,500  
Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev, Ser D
    5.375       01/01/18       4,438,115  
  1,950  
Swarthmore Boro Auth PA College
    5.250       09/15/18       2,114,229  
  2,850  
Trinity Area Sch Dist PA (MBIA Insd)
    5.250       11/01/20       3,017,694  
  1,820  
Twin Vly, PA Sch Dist (FSA Insd) (Prerefunded @ 10/01/15)
    5.250       04/01/26       2,197,013  
  1,000  
Union Cnty, PA Higher Ed Fac Auth Bucknell Univ, Ser A
    5.250       04/01/19       1,089,570  
  2,300  
Union Cnty, PA Hosp Auth Hosp Rev Evangelical Cmnty Hosp (Syncora Gtd)
    5.250       08/01/24       1,916,199  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Pennsylvania (continued)
                       
$ 1,285  
Unity Twp, PA Muni Auth Swr Rev (FSA Insd)
    5.000 %     12/01/24     $ 1,311,098  
  5,025  
Washington Cnty, PA, Ser A (AMBAC Insd)
    5.125       09/01/27       4,904,199  
  825  
Washington Cnty, PA, Ser A (AMBAC Insd) (Prerefunded @ 9/01/12)
    5.125       09/01/27       934,428  
  1,500  
West Mifflin, PA Area Sch Dist (FSA Insd) (b)
    5.125       04/01/31       1,487,130  
  500  
West Mifflin, PA Area Sch Dist (FSA Insd) (b)
    5.500       04/01/24       535,375  
  6,000  
West Shore, PA Area Hosp Auth Holy Spirit Hosp Proj
    6.250       01/01/32       4,770,420  
  1,550  
Westmoreland Cnty, PA Indl Dev Auth Rev Retirement Cmnty Redstone, Ser A
    5.750       01/01/26       1,002,865  
  2,500  
York Cnty, PA Indl Dev Auth Wtr Co Proj (FGIC Insd) (AMT)
    4.750       10/01/36       1,773,825  
     
 
                     
     
 
                    475,845,680  
     
 
                     
     
Guam 1.3%
                       
  2,700  
Guam Econ Dev & Comm Auth Tob Settlement
    5.625       06/01/47       1,823,958  
  505  
Guam Govt, Ser A
    5.250       11/15/37       328,846  
  1,585  
Guam Intl Arpt Auth Gen, Ser B (MBIA Insd)
    5.250       10/01/21       1,558,277  
     
 
                     
     
 
                    3,711,081  
     
 
                     
     
Puerto Rico 2.5%
                       
  4,000  
Puerto Rico Comwlth Hwy & Trans Auth Hwy Rev Rfdg, Ser Y (FSA Insd) (b)
    6.250       07/01/21       4,556,680  
  2,000  
Puerto Rico Elec Pwr Auth Rev, Ser WW
    5.000       07/01/28       1,644,840  

 


 

                               
Par                      
Amount                      
(000)   Description   Coupon     Maturity     Value  
 
     
Puerto Rico (continued)
                       
$ 1,000  
Puerto Rico Elec Pwr Auth Rev, Ser WW
    5.500 %     07/01/21     $ 953,660  
     
 
                     
     
 
                    7,155,180  
     
 
                     
     
U.S. Virgin Islands 2.5%
                       
  1,500  
University VI Impt, Ser A
    5.375       06/01/34       1,137,210  
  1,000  
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A
    6.375       10/01/19       1,007,310  
  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       3,280,470  
  1,500  
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A (Prerefunded @ 10/01/10)
    6.500       10/01/24       1,656,420  
     
 
                     
     
 
                    7,081,410  
     
 
                     
Total Long-Term Investments 175.0%
(Cost $533,954,083)
      493,793,351  
     
 
                     
 
Short-Term Investments 5.0%          
Delaware Cnty, PA Auth Rev White Horse Vlg Proj ($400,000 par, yielding 0.620%, 07/01/30 maturity) (LOC: Citizen’s Bank of PA) (d) (f)       400,000  
Geisinger Auth, PA Health Sys Geisinger Hlth Sys ($4,500,000 par, yielding 0.350%, 05/15/35 maturity) (d) (f)       4,500,000  
Lancaster Cnty, PA Hosp Auth Rev Hlth Sys Lancaster Gen Hosp ($9,000,000 par, yielding 0.320%, 07/01/41 maturity) (LOC: Bank of America) (d) (f)       9,000,000  
Philadelphia, PA Hosps & Higher Ed Fac Auth Hosp Rev Childrens Hosp Proj ($115,000 par, yielding 0.550%, 02/15/14 maturity) (LOC: JP Morgan Chase Bank) (d) (f)       115,000  
     
 
                     
 
Total Short-Term Investments 5.0%
(Cost $14,015,000)
      14,015,000  
 
Total Investments 180.0%
(Cost $547,969,083)
    $ 507,808,351  

 


 

         
Description   Value  
 
Liability for Floating Rate Note Obligations Related to Securities Held (15.6%)
       
(Cost ($44,035,000))
       
(44,035) Notes with interest rates ranging from 0.44% to 1.78% at January 31, 2009 and contractual maturities of collateral ranging from 2017 to 2038 (g)
  $ (44,035,000 )
 
     
Total Net Investments 164.4%
(Cost $503,934,083)
    463,773,351  
 
Liabilities in Excess of Other Assets (2.0%)
    (5,559,965 )
 
     
 
Preferred Shares (including accrued distributions (62.4%)
    (176,060,564 )
 
Net Assets Applicable to Common Shares 100.0%
  $ 282,152,822  
 
     
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) Security purchased on a when-issued, delayed delivery, or forward commitment basis.
(c) Escrowed to Maturity
(d) Variable Rate Coupon
(e) Security has been deemed illiquid.
(f) 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 reset date.
(g) Floating rate notes. The interest rates shown reflect the rates in effect at January 31, 2009.
ACA — American Capital Access
AGL — Assured Guaranty Ltd.
AMBAC — AMBAC Indemnity Corp.
AMT — Alternative Minimum Tax
BHAC — Berkshire Hathaway Assurance Corp.
CIFG — CDC IXIS Financial Guaranty
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.
Syncora Gtd — Syncora Guarantee Inc.
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs)

 


 

and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust’s investments. The inputs are summarized in the three broad levels listed below.
    Level 1 — quoted prices in active markets for identical investments
 
    Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
    Level 3 — significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)
     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2009 in valuing the Trust’s investments carried at value:
     
    Investments in
Valuation Inputs   Securities
Level 1 - Quoted Prices
  $-0-
Level 2 - Other Significant Observable Inputs
  507,808,351
Level 3 - Significant Unobservable Inputs
  -0-
 
 
Total
  $507,808,351
 
 
Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

 


 

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/ Edward C. Wood III                   
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: March 19, 2009
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/ Edward C. Wood III                   
Name: Edward C. Wood III
Title: Principal Executive Officer
Date: March 19, 2009
By: /s/ Stuart N. Schuldt                         
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: March 19, 2009