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<SEC-DOCUMENT>0000950137-02-003790.txt : 20020627
<SEC-HEADER>0000950137-02-003790.hdr.sgml : 20020627
<ACCEPTANCE-DATETIME>20020627135145
ACCESSION NUMBER:		0000950137-02-003790
CONFORMED SUBMISSION TYPE:	N-30D
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020430
FILED AS OF DATE:		20020627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000895528
		IRS NUMBER:				367017427
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-30D
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07398
		FILM NUMBER:		02688798

	BUSINESS ADDRESS:	
		STREET 1:		ONE PARKVIEW PLAZA
		STREET 2:		VAN KAMPEN INVESTMENTS INC
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181
		BUSINESS PHONE:		6306846774

	MAIL ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC
		STREET 2:		ONE PARKVIEW PLAZA
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL PENNSYLVANIA VALUE MUNIC INCO TR
		DATE OF NAME CHANGE:	19971007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>c69888nv30d.txt
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>
<PAGE>

<Table>
<S>                                           <C>
                            Table of Contents

                                     OVERVIEW
                       LETTER TO SHAREHOLDERS       1
                            ECONOMIC SNAPSHOT       2

                          PERFORMANCE SUMMARY
                            RETURN HIGHLIGHTS       4

                        PORTFOLIO AT A GLANCE
                               CREDIT QUALITY       6
                   SIX-MONTH DIVIDEND HISTORY       6
                             TOP FIVE SECTORS       7
             NET ASSET VALUE AND MARKET PRICE       7
              Q&A WITH YOUR PORTFOLIO MANAGER       8
                            GLOSSARY OF TERMS      11

                               BY THE NUMBERS
                     YOUR TRUST'S INVESTMENTS      12
                         FINANCIAL STATEMENTS      17
                NOTES TO FINANCIAL STATEMENTS      22
                   DIVIDEND REINVESTMENT PLAN      26
    BOARD OF TRUSTEES AND IMPORTANT ADDRESSES      28
</Table>

Given the market's ups and downs--diversifying has never been more important.
              NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE
<PAGE>

 OVERVIEW

LETTER TO SHAREHOLDERS
May 20, 2002

Dear Shareholder,

We seem to be at an economic crossroads--good news about the economy and
earnings have been offset by escalating concerns abroad. Given the market's ups
and downs, taking steps so your portfolio can be properly diversified has never
been more important. So how do you decide what to do next?

Contact your financial advisor.

Your financial advisor can help you review your current asset allocation and
determine whether it remains appropriate for your goals, risk tolerance and time
horizon. Remember, while no portfolio is immune to volatility, owning a variety
of stock and fixed-income investments may help manage your portfolio's overall
risk and improve its long-term performance potential. When
reviewing your investment selections with your financial advisor, be sure to
                  keep your long-term goals in mind--don't let short-term
                  volatility distract you from your long-term retirement
                  planning and investment goals.

                  Thank you for your continued trust in Van Kampen. We
appreciate the opportunity to help you and your loved ones enjoy life's true
wealth--family, friends and life's daily pleasures.

Sincerely,

[SIG]
Richard F. Powers, III
President and CEO
Van Kampen Investment Advisory Corp.

                                        1
<PAGE>

ECONOMIC SNAPSHOT

THE ECONOMY
ECONOMIC DATA RELEASED IN APRIL 2002 DEPICTED AN ECONOMY ON THE PATH OF
RECOVERY, BUT MANY MARKET OBSERVERS AND ANALYSTS WERE SLOW TO VIEW RECENT
DEVELOPMENTS--SUCH AS IMPROVED PRODUCTIVITY AND STRONG GROWTH--POSITIVELY.

UNEMPLOYMENT DATA, RELEASED EARLY IN THE MONTH, REVEALED NEW JOBS HAD BEEN ADDED
TO THE ECONOMY--ALBEIT AT A SUBDUED PACE. THE BELEAGUERED MANUFACTURING SECTOR
REPORTED FACTORY PRODUCTION LEVELS THAT WERE CONSISTENT WITH RECENT INCREASES.
HOUSING STARTS, ALTHOUGH STILL AT HISTORICALLY HIGH LEVELS, RETREATED MORE THAN
ANALYSTS HAD ANTICIPATED. AT THE SAME TIME, RETAIL SALES CONTINUED TO DISPLAY
SURPRISING STRENGTH.

CONTENT WITH WHAT THEY PERCEIVED TO BE GOOD--BUT NOT-GOOD-ENOUGH--RESULTS, THESE
SAME MARKET OBSERVERS AND ANALYSTS SEEMED SURPRISED WHEN FIRST QUARTER GROSS
DOMESTIC PRODUCT, THE PRIMARY MEASURE OF ECONOMIC GROWTH, CAME IN AT A STRONGER-
THAN-EXPECTED 5.6 PERCENT.

                                        2
<PAGE>

U.S. GROSS DOMESTIC PRODUCT

SEASONALLY ADJUSTED ANNUALIZED RATES

(March 31, 2000--March 31, 2002)

[BAR GRAPH]

<Table>
<Caption>
                                                                      U.S. GROSS DOMESTIC PRODUCT
                                                                      ---------------------------
<S>                                                           <C>
Mar 00                                                                            4.8%
Jun 00                                                                            5.7%
Sep 00                                                                            1.3%
Dec 00                                                                            1.9%
Mar 01                                                                            1.3%
Jun 01                                                                            0.3%
Sep 01                                                                           -1.3%
Dec 01                                                                            1.7%
Mar 02                                                                            5.6%
</Table>

Source: Bureau of Economic Analysis

INTEREST RATES AND INFLATION

(April 30, 2000--April 30, 2002)

[LINE GRAPH]

<Table>
<Caption>
                                                                       INTEREST RATES                       INFLATION
                                                                       --------------                       ---------
<S>                                                           <C>                                <C>
Apr 00                                                                      6.00                               3.10
                                                                            6.50                               3.20
                                                                            6.50                               3.70
Jul 00                                                                      6.50                               3.70
                                                                            6.50                               3.40
                                                                            6.50                               3.50
Oct 00                                                                      6.50                               3.40
                                                                            6.50                               3.40
                                                                            6.50                               3.40
Jan 01                                                                      5.50                               3.70
                                                                            5.50                               3.50
                                                                            5.00                               2.90
Apr 01                                                                      4.50                               3.30
                                                                            4.00                               3.60
                                                                            3.75                               3.20
Jul 01                                                                      3.75                               2.70
                                                                            3.50                               2.70
                                                                            3.00                               2.60
Oct 01                                                                      2.50                               2.10
                                                                            2.00                               1.90
                                                                            1.75                               1.60
Jan 02                                                                      1.75                               1.10
                                                                            1.75                               1.10
                                                                            1.75                               1.50
Apr 02                                                                      1.75                               1.60
</Table>

Interest rates are represented by the closing midline federal funds target rate
on the last day of each month. Inflation is indicated by the annual percentage
change of the Consumer Price Index for all urban consumers at the end of each
month.

Source: Bloomberg

                                        3
<PAGE>

       PERFORMANCE SUMMARY

RETURN HIGHLIGHTS

(as of April 30, 2002)

- ------------------------------
NYSE Ticker Symbol - VPV
- ------------------------------

<Table>
<S>                                                        <C>      <C>
- -----------------------------------------------------------------------
Six-month total return(1)                                     4.09%
- -----------------------------------------------------------------------
One-year total return(1)                                     19.27%
- -----------------------------------------------------------------------
Five-year average annual total return(1)                      9.97%
- -----------------------------------------------------------------------
Life-of-Trust average annual total return(1)                  6.18%
- -----------------------------------------------------------------------
Commencement date                                          04/30/93
- -----------------------------------------------------------------------

Distribution rate as a % of closing common share market
price(2)                                                      6.54%
- -----------------------------------------------------------------------
Taxable-equivalent distribution rate as a % of closing
common share market price(3)                                 10.95%
- -----------------------------------------------------------------------
Preferred share rate(4)                                      1.650%
- -----------------------------------------------------------------------
Net asset value                                              $15.66
- -----------------------------------------------------------------------
Closing common share market price                            $15.24
- -----------------------------------------------------------------------
Six-month high common share market price (02/12/02)          $15.71
- -----------------------------------------------------------------------
Six-month low common share market price (04/03/02)           $14.47
- -----------------------------------------------------------------------
</Table>

                                        4
<PAGE>

(1) Total return assumes an investment at the common share market price at the
    beginning of the period indicated, reinvestment of all distributions for the
    period in accordance with the Trust's dividend reinvestment plan, and sale
    of all shares at the closing common share market price at the end of the
    period indicated.

(2) Distribution rate represents the monthly annualized distributions of the
    Trust at the end of the period and not the earnings of the Trust.

(3) The taxable-equivalent distribution rate is calculated assuming a 40.3%
    combined federal and state tax bracket effective for calendar year 2002,
    which takes into consideration the deductibility of individual state taxes
    paid.

(4) See "Notes to Financial Statements" footnote #4, for more information
    concerning Preferred Share reset periods.

    A portion of the interest income may be taxable for those investors subject
    to the federal alternative minimum tax (AMT).

    Past performance is no guarantee of future results. Investment return,
    common share market price and net asset value will fluctuate and Trust
    shares, when sold, may be worth more or less than their original cost. An
    investment in the Trust is subject to investment risks, and you could lose
    money on your investment in the Trust. As a result of recent market
    activity, current performance may vary from the figures shown. For more
    up-to-date information, please visit vankampen.com or speak with your
    financial advisor.

                                        5
<PAGE>

               PORTFOLIO AT A GLANCE

CREDIT QUALITY

(as a percentage of long-term investments)

<Table>
<Caption>
As of April 30, 2002
<S>                    <C>     <C>
- - AAA/Aaa............  75.4%   [PIE CHART]
- - AA/Aa..............  12.4%
- - A/A................   3.6%
- - BBB/Baa............   8.6%
<Caption>
As of October 31, 2001
<S>                    <C>     <C>
- - AAA/Aaa............  73.8%   [PIE CHART]
- - AA/Aa..............  13.8%
- - A/A................   3.6%
- - BBB/Baa............   6.9%
- - BB/Ba..............   1.9%
</Table>

Based upon the credit quality ratings as issued by Standard & Poor's Credit
Market Services/Moody's Investor Services, respectively. Subject to change
daily.

SIX-MONTH DIVIDEND HISTORY

(for the six months ending April 30, 2002, for common shares)
[BAR GRAPH]

<Table>
<Caption>
                                                                               DIVIDENDS
                                                                               ---------
<S>                                                           <C>
11/01                                                                            0.076
12/01                                                                            0.076
1/02                                                                             0.080
2/02                                                                             0.083
3/02                                                                             0.083
4/02                                                                             0.083
</Table>

The dividend history represents dividends that were paid on the trust and is no
guarantee of the trust's future dividends.

                                        6
<PAGE>

TOP FIVE SECTORS

(as a percentage of long-term investments)
[BAR GRAPH]

<Table>
<Caption>
                                                                       APRIL 30, 2002                    OCTOBER 31, 2001
                                                                       --------------                    ----------------
<S>                                                           <C>                                <C>
Transportation                                                             17.8%                              17.9%
Health Care                                                                14.5%                              14.2%
General Purpose                                                            13.3%                              12.0%
Higher Education                                                           13.2%                              13.2%
Single-Family Housing                                                      11.3%                              12.7%
</Table>

Subject to change daily.

NET ASSET VALUE AND MARKET PRICE

(based upon quarter-end values--April 1993 through April 2002)
[LINE GRAPH]

<Table>
<Caption>
                                                                      NET ASSET VALUE                      MARKET PRICE
                                                                      ---------------                      ------------
<S>                                                           <C>                                <C>
4/93                                                                      14.9000                            15.0000
                                                                          15.2600                            14.5000
                                                                          15.7900                            14.8750
12/93                                                                     15.7400                            14.5000
                                                                          13.5100                            12.6250
                                                                          13.4200                            12.8750
                                                                          13.1700                            11.2500
12/94                                                                     12.5300                            10.7500
                                                                          13.9500                            12.7500
                                                                          14.1000                            12.8750
                                                                          14.3800                            12.3750
12/95                                                                     15.1400                            12.3750
                                                                          14.5200                            12.7500
                                                                          14.3300                            12.0000
                                                                          14.6700                            12.2500
12/96                                                                     14.9600                            12.3750
                                                                          14.5800                            12.3750
                                                                          15.0600                            13.0625
                                                                          15.4400                            13.6250
12/97                                                                     15.7500                            13.6250
                                                                          15.7700                            14.2500
                                                                          15.7700                            14.5000
                                                                          16.0900                            14.7500
12/98                                                                     15.9000                            14.9375
                                                                          15.8200                            14.5000
                                                                          15.1300                            13.6875
                                                                          14.6900                            13.0000
12/99                                                                     14.2200                            11.8750
                                                                          14.5200                            12.0000
                                                                          14.5400                            12.6875
                                                                          14.7300                            12.6875
12/00                                                                     15.5800                            12.9375
                                                                          15.6500                            13.4000
                                                                          15.5200                            14.2200
                                                                          15.8500                            14.7000
12/01                                                                     15.4500                            14.6000
                                                                          15.3200                            14.9700
4/02                                                                      15.6600                            15.2400
</Table>

The solid line above represents the trust's net asset value (NAV), which
indicates overall changes in value among the trust's underlying securities. The
trust's market price is represented by the dashed line, which indicates the
price the market is willing to pay for shares of the trust at a given time.
Market price is influenced by a range of factors, including supply and demand
and market conditions.

                                        7
<PAGE>

                                                                         [PHOTO]

Q&A WITH YOUR PORTFOLIO MANAGER

WE RECENTLY SPOKE WITH THE PORTFOLIO MANAGER FOR VAN KAMPEN PENNSYLVANIA VALUE
MUNICIPAL INCOME TRUST ABOUT THE KEY EVENTS AND ECONOMIC FORCES THAT
SHAPED THE MARKETS AND INFLUENCED THE TRUST'S RETURN DURING THE SIX-MONTH PERIOD
ENDING APRIL 30, 2002. DENNIS PIETRZAK, PORTFOLIO MANAGER, HAS MANAGED THE TRUST
SINCE 1995 AND HAS WORKED IN THE INVESTMENT INDUSTRY SINCE 1968. THE FOLLOWING
DISCUSSION REFLECTS HIS VIEWS ON THE TRUST'S PERFORMANCE.

Q   WHAT WAS THE MARKET
    ENVIRONMENT OF THE PAST SIX MONTHS, AND HOW DID THE TRUST PERFORM IN THAT
    ENVIRONMENT?

A   The market over the past six
months has been driven by shifting expectations about the future growth of the
economy. As economic indicators wavered between encouraging and disappointing
evidence of a sustained recovery, investors responded by driving yields in
diverging directions from one month to the next. The result was a decidedly
choppy market.

    In November and December of 2001, the first two months of the period,
investors appeared to assume an imminent economic recovery. Fears that credit
demand and inflation would soon rise in tandem with the economy's improving
strength drove yields up across the market.

    Those fears were allayed in the first two months of 2002 as economic
indicators began to be more mixed. Investors began to sense that the economy's
recovery, and the concurrent upward pressure on interest rates, might not occur
as quickly as they had previously anticipated. The resulting market rally sent
yields lower in January and February as Wall Street economists pushed back their
timetable for future Federal Reserve ("Fed") tightening.

    The next two months saw even sharper reversals of fortune for the municipal
bond market. In March, the market posted one of its worst months of the past 20
years in the wake of unexpectedly strong employment and manufacturing numbers.
The market then rallied strongly in April as continued volatility in the equity
market caused investors to turn to the perceived relative safety of tax-exempt
bonds.

    While yields were volatile during the period, we believe the municipal
market on the whole remained fairly well balanced between supply and demand.
Municipalities continued to take advantage of low interest rates by issuing new
bonds, and issuance overall was up 10 percent for the first three months of 2002
compared to the same period one year earlier. Retail investors continued to show
strong demand for the asset class as an alternative to volatile equity returns.
Issuance

                                        8
<PAGE>

continued to be strong in the Pennsylvania market, and increased over last
year's already-high numbers. Much of the issuance was driven by the state's
long-standing policy of proactively managing its debt load. The government took
advantage of relatively low interest rates to refund its higher-coupon debt by
calling it and replacing it with lower-coupon bonds. This had the effect of
calling away a large portion of the seasoned outstanding supply while also
boosting new issuance.

    The portfolio continued to offer a competitive level of tax-exempt income.
The trust's monthly dividend of $0.0830 per share translated to a distribution
rate of 6.54 percent based on the trust's closing common share market price on
April 30, 2002. Based on these figures, investors would have to earn a
distribution rate of 10.95 percent on a taxable investment (for an investor in
the 40.3 percent combined federal and state income tax bracket) to match the
tax-exempt yield provided by the trust.

    For the six months ending April 30, 2002, the trust produced a total return
of 4.09 percent based on common share market price. This reflects an increase in
common share market price from $15.11 per share on October 31, 2001 to $15.24
per share on April 30, 2002.

    Past performance is no guarantee of future results. As a result of recent
market activity, current performance may vary from the figures shown. Investment
return and principal value will fluctuate and trust shares, when sold, may be
worth more or less than their original cost. For more up-to-date information,
please visit vankampen.com or speak with your financial advisor.

    By comparison, the Lehman Brothers Pennsylvania Municipal Bond Index posted
a total return of 1.18 percent for the same period. This index is an unmanaged,
broad-based statistical composite of municipal bonds. Index returns do not
include any sales charges or fees that would be paid by an investor purchasing
the securities it represents. Such costs would lower performance. It is not
possible to invest directly in an index. For additional performance results,
please refer to the chart and footnotes on page 4.

Q   WHAT STRATEGIES DID YOU PURSUE
    IN THIS ENVIRONMENT?

A   Consistent with our long-term
strategy, we remained focused on adjusting the portfolio to try to take
advantage of relative value opportunities in the market. Our trading focused on
capturing value between various sectors, which become more or less attractive
over time due to supply and demand imbalances. Once the securities reached our
performance targets, we sold the securities and rotated into others that we
believed offered better total return potential. The proceeds were invested in A
rated health care bonds as well as some general purpose issues. Based on our
research, we felt these issues offered attractive yields and were also likely to
experience spread tightening.

    The trust also had some holdings that were called out of the portfolio. Many
of the trust's holdings were issued in a time of higher interest rates, and as a
result are especially attractive candidates for refinancing

                                        9
<PAGE>

in the current, lower interest rate environment. The single-family housing
sector was a case in point, with issuers calling some of the trust's position
away in order to refinance at lower interest rates.

    Through our quantitative analysis, we determined that the intermediate
portion of the yield curve offered the best potential for superior returns. As a
result, we sought to take advantage of issuance of intermediate bonds with
premium coupons that are priced to their call date. In general, these credits
have historically offered the advantage of strong income as well as moderate
vulnerability to changes in interest rates. Through careful security selection,
we were able to find several attractive issues that met this profile and added
them to the portfolio.

Q   WHAT IS YOUR OUTLOOK FOR THE
    MUNICIPAL MARKET?

A   We will continue to watch the
economy for any acceleration in growth that could cause the Fed to boost rates.

With interest rates this low, it may be difficult to keep inflationary fears out
of the picture for long. As a result, we expect that there will be increasing
pressure on the Fed to act in the coming months, which may drive yields higher,
particularly on the short end of the curve.

    For the municipal market, we expect that issuance will remain steady. Rising
interest rates could put a damper on refinancing activity, but voters in most
areas appear to be amenable to ballot initiatives that result in debt financing.
We anticipate that equity market sentiment may continue to be a key driver of
investor appetite for municipal bonds. In our view, as long as stocks remain
volatile, the municipal market is likely to continue to enjoy positive inflows.

                                        10
<PAGE>

GLOSSARY OF TERMS

A HELPFUL GUIDE TO SOME OF THE COMMON TERMS YOU'RE LIKELY TO SEE IN THIS REPORT
AND OTHER FINANCIAL PUBLICATIONS.

COUPON RATE: The stated rate of interest a bond pays on an annual basis,
expressed as a percentage of its face value.

CREDIT RATING: An evaluation of a bond issuer's credit history and capability of
repaying debt obligations. Standard & Poor's Ratings Group and Moody's Investors
Service are two companies that assign credit ratings. Standard & Poor's ratings
range from a high of AAA to a low of D, while Moody's ratings range from a high
of Aaa to a low of C.

DISCOUNT BOND: A bond whose market price is lower than its face value or "par
value". Because bonds usually mature at face value, a discount bond has more
potential to appreciate in price than a par bond does.

FEDERAL RESERVE BOARD (THE FED): The governing body of the Federal Reserve
System, which is the central bank of the United States. Its policy-making
committee, called the Federal Open Market Committee, meets at least eight times
a year to establish monetary policy and monitor the economic pulse of the United
States.

PREMIUM BOND: A bond whose market price is above its face value, or "par value."
Because bonds usually mature at face value, a premium bond has less potential to
appreciate in price than a par bond.

SECTOR: A group of securities that are similar with respect to industry,
maturity, credit rating, or coupon.

YIELD CURVE: The pattern that results from viewing the yields of U.S. Treasury
securities maturing in 1, 5, 10, and 30 years. When grouped together and
graphed, a pattern of increasing yield is often reflected as the time to
maturity extends. This pattern creates an upward sloping "curve." A "flat" yield
curve represents little difference between short- and long-term interest rates,
while a "negative" yield curve represents decreasing yields as the time to
maturity extends.

                                        11
<PAGE>

                        BY THE NUMBERS

YOUR TRUST'S INVESTMENTS

April 30, 2002 (Unaudited)
THE FOLLOWING PAGES DETAIL YOUR TRUST'S PORTFOLIO OF INVESTMENTS AT THE END OF
THE REPORTING PERIOD.

<Table>
<Caption>
PAR
AMOUNT                                                                          MARKET
(000)      DESCRIPTION                                COUPON      MATURITY      VALUE
<C>        <S>                                      <C>           <C>        <C>
           MUNICIPAL BONDS  161.2%
           PENNSYLVANIA  150.0%
$ 1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh
           Intl Arpt Rfdg (FGIC Insd)..............       5.750%  01/01/18   $  1,041,100
  1,360    Allegheny Cnty, PA Hosp Dev Auth Rev
           Hlth Sys Ser A (MBIA Insd)..............       6.500   11/15/30      1,490,778
    830    Allegheny Cnty, PA Indl Dev Auth Med Ctr
           Rev Presbyterian Med Ctr Rfdg (FHA
           Gtd)....................................       6.750   02/01/26        888,540
  2,000    Allegheny Cnty, PA Port Auth Spl Rev
           Trans (Prerefunded @ 03/01/09) (MBIA
           Insd)...................................       6.000   03/01/24      2,273,520
  1,000    Allegheny Cnty, PA Residential Mtg
           Single Family Ser KK-2 (GNMA
           Collateralized) (a)..................... 4.300/5.750   05/01/33      1,001,520
  1,000    Allegheny Cnty, PA San Auth Swr Rev
           (MBIA Insd).............................       5.500   12/01/24      1,033,600
  2,600    Allentown, PA Area Hosp Auth Rev Sacred
           Heart Hosp of Allentown Ser A Rfdg......       6.750   11/15/14      2,415,270
  2,000    Berks Cnty, PA Muni Auth Hosp Rev
           Reading Hosp & Med Cent Proj
           (Prerefunded @ 11/01/09) (FSA Insd).....       6.000   11/01/29      2,310,080
    925    Berks Cnty, PA Muni Auth Hosp Rev
           Reading Hosp & Med Ctr Proj B
           (Prerefunded @ 10/01/04) (MBIA Insd)....       6.000   10/01/14      1,018,527
  1,000    Canon McMillan Sch Dist PA Ser B (FGIC
           Insd)...................................       5.500   12/01/29      1,022,250
    985    Carbon Cnty, PA Indl Dev Auth Panther
           Creek Partn Proj Rfdg (LOC: Paribas &
           Union Bk of CA Intl)....................       6.650   05/01/10      1,050,325
  1,500    Chichester Sch Dist PA (FGIC Insd)......      *        03/01/19        616,155
  1,000    Cumberland Cnty, PA Mun Auth Dickinson
           College Ser A (AMBAC Insd)..............       5.500   11/01/30      1,020,060
  1,000    Delaware Cnty, PA Auth College Neumann
           College Rfdg............................       6.000   10/01/31        992,430
</Table>

                                               See Notes to Financial Statements

                                        12
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2002 (Unaudited)

<Table>
<Caption>
PAR
AMOUNT                                                                          MARKET
(000)      DESCRIPTION                                COUPON      MATURITY      VALUE
<C>        <S>                                      <C>           <C>        <C>
           PENNSYLVANIA (CONTINUED)
$ 1,000    Delaware Cnty, PA Auth Hosp Rev Crozer
           Chester Med Cent........................       6.000%  12/15/09   $  1,005,890
  3,505    Eastern York Sch Dist PA (Prerefunded @
           06/01/04) (MBIA Insd)...................       6.000   06/01/09      3,755,362
  2,000    Lehigh Cnty, PA Gen Purp Auth Cedar
           Crest College Rfdg......................       6.700   04/01/26      2,064,240
  1,000    Lehigh Cnty, PA Indl Dev Auth Pollutn
           Ctl Rev PA Pwr & Lt Co Proj Ser A Rfdg
           (MBIA Insd).............................       6.400   11/01/21      1,037,260
  5,000    Lycoming Cnty, PA Auth College Rev PA
           College of Technology (AMBAC Insd)......       5.375   07/01/30      5,037,500
  1,000    Mercer Cnty, PA (FGIC Insd).............       5.500   10/01/15      1,074,060
  1,000    Mifflin Cnty, PA Hosp Auth (Asset Gty
           Insd)...................................       6.200   07/01/25      1,041,330
  1,000    Montgomery Cnty, PA Higher Edl & Hlth
           Auth Hosp Rev Abington Mem Hosp Ser A
           (AMBAC Insd)............................       5.125   06/01/24        979,240
  1,000    North Hills, PA Sch Dist (FGIC Insd)....       5.500   07/15/24      1,034,950
  1,225    Northampton Twp, PA (FGIC Insd).........       5.375   05/15/15      1,295,952
  1,250    Penn Cambria Sch Dist PA Cap Apprec
           (FGIC Insd).............................      *        08/15/24        359,437
  1,735    Pennsylvania Hsg Fin Agy Single Family
           Mtg Ser 40..............................       6.900   04/01/25      1,789,930
  3,000    Pennsylvania Hsg Fin Agy Single Family
           Mtg Ser 41B Rfdg........................       6.450   10/01/12      3,073,620
  1,000    Pennsylvania Hsg Fin Agy Single Family
           Mtg Ser 53A.............................       6.050   04/01/18      1,032,960
  2,000    Pennsylvania Hsg Fin Agy Single Family
           Mtg Ser 54A Rfdg (FHA/VA Gtd)...........       6.050   10/01/16      2,074,680
  1,000    Pennsylvania Hsg Fin Agy Single Family
           Mtg Ser 56A (FHA/VA Gtd)................       6.050   10/01/16      1,039,750
  1,500    Pennsylvania Intergvtl Coop Auth Spl Tax
           Rev Philadelphia Fdg Pgm Rfdg (FGIC
           Insd)...................................       5.500   06/15/20      1,526,715
  4,275    Pennsylvania St Ctf Partn Ser A Rfdg
           (AMBAC Insd)............................       5.250   07/01/10      4,404,746
  2,000    Pennsylvania St Higher Ed UPMC Hlth Sys
           Ser A...................................       6.000   01/15/31      2,006,340
  1,000    Pennsylvania St Higher Edl Fac Auth
           College & Univ Rev Bryn Mawr College
           (MBIA Insd).............................       5.625   12/01/17      1,054,230
</Table>

See Notes to Financial Statements

                                        13
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2002 (Unaudited)

<Table>
<Caption>
PAR
AMOUNT                                                                          MARKET
(000)      DESCRIPTION                                COUPON      MATURITY      VALUE
<C>        <S>                                      <C>           <C>        <C>
           PENNSYLVANIA (CONTINUED)
$ 4,300    Pennsylvania St Tpk Commn Oil Franchise
           Tax Rev Ser A (AMBAC Insd)..............       4.750%  12/01/27   $  3,960,429
  3,015    Pennsylvania St Tpk Commn Ser T Rfdg
           (FGIC Insd).............................       5.500   12/01/10      3,335,042
  2,000    Pennsylvania St Tpk Commn Tpk Rev Ser R
           (AMBAC Insd)............................       5.000   12/01/26      1,943,400
  2,000    Philadelphia, PA Auth for Indl Dev Rev
           Rfdg....................................       5.500   07/01/10      2,063,040
  1,000    Philadelphia, PA Auth Indl Dev Amern
           College Of Physicians...................       5.500   06/15/27      1,001,750
  1,530    Philadelphia, PA Auth Indl Philadelphia
           Arpt Sys Proj Ser A (FGIC Insd).........       5.125   07/01/20      1,506,790
  1,500    Philadelphia, PA Gas Wks Rev Ser 14 Rfdg
           (FSA Insd)..............................       6.250   07/01/08      1,596,045
  1,000    Philadelphia, PA Hosp & Higher Edl Fac
           Auth Hosp Rev PA Hosp Rfdg (Escrowed to
           Maturity)...............................       6.250   07/01/06      1,112,950
    895    Philadelphia, PA Hosp & Higher Edl Fac
           Auth Rev Cmnty College Ser A
           (Prerefunded @ 05/01/04) (MBIA Insd)....       6.050   05/01/08        974,369
  1,455    Philadelphia, PA Hosp & Higher Edl Fac
           Auth Rev Cmnty College Ser B Rfdg (MBIA
           Insd)...................................       6.500   05/01/09      1,680,540
  2,000    Philadelphia, PA Sch Dist Ser B (AMBAC
           Insd)...................................       5.500   09/01/18      2,057,440
  3,000    Philadelphia, PA Ser A Rfdg (FGIC
           Insd)...................................       6.250   11/15/04      3,271,860
  5,000    Philadelphia, PA Wtr & Wastewtr Rev Rfdg
           (MBIA Insd).............................       6.750   08/01/03      5,283,900
  3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg
           (AMBAC Insd)............................       5.500   06/15/07      4,016,407
  4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud
           Auth Regl Asset Dist Sales Tax (AMBAC
           Insd)...................................       5.000   02/01/24      4,403,295
  2,000    Pittsburgh, PA Ser A (Prerefunded @
           09/01/09) (FGIC Insd)...................       5.750   09/01/22      2,242,780
  1,000    Pittsburgh, PA Urban Redev Auth Mtg Rev
           Ser C Rfdg..............................       6.500   10/01/23      1,029,050
  1,750    Pittsburgh, PA Urban Redev Auth Mtg Rev
           Ser C Rfdg (GNMA Collateralized)........       5.700   04/01/30      1,761,830
</Table>

                                               See Notes to Financial Statements

                                        14
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2002 (Unaudited)

<Table>
<Caption>
PAR
AMOUNT                                                                          MARKET
(000)      DESCRIPTION                                COUPON      MATURITY      VALUE
<C>        <S>                                      <C>           <C>        <C>
           PENNSYLVANIA (CONTINUED)
$ 1,000    Scranton, PA Sch Dist Nt Rfdg (MBIA
           Insd)...................................       5.000%  04/01/25   $    975,320
  2,000    Southeastern PA Trans Auth PA Spl Rev
           Ser A (FGIC Insd).......................       4.750   03/01/24      1,869,580
  1,000    State Pub Sch Bldg Auth PA Delaware Cnty
           College Proj (MBIA Insd)................       5.750   10/01/16      1,080,570
  1,500    Washington Cnty, PA Auth Rev Cap Fdg Cap
           Proj & Equip Pgm (AMBAC Insd)...........       6.150   12/01/29      1,666,125
  1,350    Washington Cnty, PA Ser A (AMBAC Insd)..       5.125   09/01/27      1,331,613
                                                                             ------------
                                                                              105,026,472
                                                                             ------------
           PUERTO RICO  9.6%
  2,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy
           Rev Ser W Rfdg..........................       5.500   07/01/17      2,040,280
  4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy
           Rev Ser Y Rfdg (FSA Insd)...............       6.250   07/01/21      4,690,760
                                                                             ------------
                                                                                6,731,040
                                                                             ------------
           U. S. VIRGIN ISLANDS  1.6%
  1,000    Virgin Islands Pub Fin Auth Rev Gross
           Rcpts Taxes Nt Ser A....................       6.375   10/01/19      1,078,640
                                                                             ------------
TOTAL LONG-TERM INVESTMENTS  161.2%
  (Cost $105,902,643).....................................................    112,836,152
SHORT-TERM INVESTMENT  0.7%
  (Cost $500,000).........................................................        500,000
                                                                             ------------
TOTAL INVESTMENTS  161.9%
  (Cost $106,402,643).....................................................    113,336,152
OTHER ASSETS IN EXCESS OF LIABILITIES  2.4%...............................      1,675,196
PREFERRED SHARES  (64.3%).................................................    (45,012,204)
                                                                             ------------

NET ASSETS APPLICABLE TO COMMON SHARES  100.0%............................   $ 69,999,144
                                                                             ============
</Table>

See Notes to Financial Statements

                                        15
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2002 (Unaudited)

 * Zero coupon bond

(a) Security is a "step-up" bond where the coupon increases or steps up at a
    predetermined date.

AMBAC--AMBAC Indemnity Corp.
Asset Gty--Asset Guaranty Insurance Co.
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FHA/VA--Federal Housing Administration/Department of Veterans Affairs
FSA--Financial Security Assurance Inc.
GNMA--Government National Mortgage Association
LOC--Letter of Credit
MBIA--Municipal Bond Investors Assurance Corp.

                                               See Notes to Financial Statements

                                        16
<PAGE>

FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2002 (Unaudited)

<Table>
<S>                                                           <C>
ASSETS:
Total Investments (Cost $106,402,643).......................  $113,336,152
Cash........................................................        19,725
Receivables:
  Interest..................................................     1,929,583
  Investments Sold..........................................        15,000
Other.......................................................           154
                                                              ------------
    Total Assets............................................   115,300,614
                                                              ------------
LIABILITIES:
Payables:
  Investment Advisory Fee...................................        56,366
  Preferred Share Maintenance...............................        22,967
  Administrative Fee........................................        18,789
  Affiliates................................................         6,865
Trustees' Deferred Compensation and Retirement Plans........       138,771
Accrued Expenses............................................        45,508
                                                              ------------
    Total Liabilities.......................................       289,266
Preferred Shares............................................    45,012,204
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 69,999,144
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($69,999,144 divided by
  4,468,924 shares outstanding).............................  $      15.66
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,468,924 shares issued and
  outstanding)..............................................        44,689
Paid in Surplus.............................................    65,574,022
Net Unrealized Appreciation.................................     6,933,509
Accumulated Undistributed Net Investment Income.............       831,393
Accumulated Net Realized Loss...............................    (3,384,469)
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 69,999,144
                                                              ============

PREFERRED SHARES ($.01 par value, authorized 100,000,000
  shares, 1,800 issued with liquidation preference of
  $25,000 per share)........................................  $ 45,000,000
                                                              ============

NET ASSETS INCLUDING PREFERRED SHARES.......................  $114,999,144
                                                              ============
</Table>

See Notes to Financial Statements

                                        17
<PAGE>

Statement of Operations
For the Six Months Ended April 30, 2002 (Unaudited)

<Table>
<S>                                                           <C>
INVESTMENT INCOME:
Interest....................................................  $ 3,140,813
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................      342,201
Administrative Fee..........................................      114,068
Preferred Share Maintenance.................................       63,817
Trustees' Fees and Related Expenses.........................       16,314
Legal.......................................................        9,588
Custody.....................................................        3,701
Other.......................................................       68,993
                                                              -----------
    Total Expenses..........................................      618,682
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 2,522,131
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $     1,456
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................    8,613,632
  End of the Period.........................................    6,933,509
                                                              -----------
Net Unrealized Depreciation During the Period...............   (1,680,123)
                                                              -----------
NET REALIZED AND UNREALIZED LOSS............................  $(1,678,667)
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (354,996)
                                                              ===========
NET INCREASE IN NET ASSETS FROM OPERATIONS..................  $   488,468
                                                              ===========
</Table>

                                               See Notes to Financial Statements

                                        18
<PAGE>

Statements of Changes in Net Assets
(Unaudited)

<Table>
<Caption>
                                                    SIX MONTHS ENDED       YEAR ENDED
                                                     APRIL 30, 2002     OCTOBER 31, 2001
                                                    ------------------------------------
<S>                                                 <C>                 <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income..............................   $ 2,522,131         $ 5,415,097
Net Realized Gain..................................         1,456           1,361,282
Net Unrealized Appreciation/Depreciation During the
  Period...........................................    (1,680,123)          3,392,741
Distributions to Preferred Shareholders:
  Net Investment Income............................      (354,996)         (1,490,834)
                                                      -----------         -----------
Change in Net Assets from Operations...............       488,468           8,678,286

Distributions to Common Shareholders:
  Net Investment Income............................    (2,149,333)         (3,563,695)
                                                      -----------         -----------

NET CHANGE IN NET ASSETS FROM INVESTMENT
  ACTIVITIES.......................................    (1,660,865)          5,114,591
NET ASSETS:
Beginning of the Period............................    71,660,009          66,545,418
                                                      -----------         -----------
End of the Period (Including accumulated
  undistributed net investment income of $831,393
  and $643,732)....................................   $69,999,144         $71,660,009
                                                      ===========         ===========
</Table>

See Notes to Financial Statements

                                        19
<PAGE>

Financial Highlights
(Unaudited)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.

<Table>
<Caption>
                                                      SIX MONTHS
                                                        ENDED
                                                      APRIL 30,     ------------------
                                                       2002 (a)      2001       2000
                                                      --------------------------------
<S>                                                   <C>           <C>        <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD (b).........  $ 16.04      $ 14.89    $ 14.42
                                                       -------      -------    -------
  Net Investment Income..............................      .56         1.21       1.15
  Net Realized and Unrealized Gain/Loss..............     (.38)        1.07        .52
  Common Share Equivalent of Distributions Paid to
    Preferred Shareholders:
    Net Investment Income............................     (.08)        (.33)      (.42)
    Net Realized Gain................................      -0-          -0-        -0-
                                                       -------      -------    -------
Total from Investment Operations.....................      .10         1.95       1.25
Less Distributions Paid to Common Shareholders:
    Net Investment Income............................      .48          .80        .78
    Net Realized Gain................................      -0-          -0-        -0-
                                                       -------      -------    -------
NET ASSET VALUE, END OF THE PERIOD...................  $ 15.66      $ 16.04    $ 14.89
                                                       =======      =======    =======
Common Share Market Price at End of the Period.......  $ 15.24      $ 15.11    $ 12.25
Total Return (c).....................................    4.09%*      30.60%      4.82%
Net Assets at End of the Period (In millions)........  $  70.0      $  71.7    $  66.5
Ratio of Expenses to Average Net Assets Applicable to
  Common Shares (d)..................................    1.78%        1.83%      1.92%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)....................    7.27%        7.78%      7.93%
Portfolio Turnover...................................       2%*         20%        21%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including
  Preferred Shares (d)...............................    1.08%        1.11%      1.13%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (e)....................    6.24%        5.64%      5.04%
SENIOR SECURITIES:
Total Preferred Shares Outstanding...................    1,800        1,800      1,800
Asset Coverage Per Preferred Share (f)...............  $63,895      $64,811    $61,970
Involuntary Liquidating Preference Per Preferred
  Share..............................................  $25,000      $25,000    $25,000
Average Market Value Per Preferred Share.............  $25,000      $25,000    $25,000
</Table>

 * Non-Annualized

** Amount is less than $.01.

(a) As required, effective November 1, 2001, the Trust has adopted the
    provisions of the AIPCA Audit and Accounting Guide for Investment Companies
    and began accreting market discount on fixed income securities. The effect
    of this change for the six months ended April 30, 2002 was to increase net
    investment income per share by $.01; decrease net realized and unrealized
    gains and losses per share by $.01 and increase the ratio of net investment
    income to average net assets applicable to common shares by .13%. Per share,
    ratios and supplemental data for periods prior to April 30, 2002 have not
    been restated to reflect this change in presentation.

(b) Net Asset Value at April 30, 1993, is adjusted for common and preferred
    share offering costs of $.313 per common share.

(c) Total return assumes an investment at the common share market price at the
    beginning of the period indicated, reinvestment of all distributions for the
    period in accordance with the Trust's dividend reinvestment plan, and sale
    of all shares at the closing common share market price at the end of the
    period indicated.

(d) Ratios do not reflect the effect of dividend payments to preferred
    shareholders.

(e) Ratios reflect the effect of dividend payments to preferred shareholders.

(f) Calculated by subtracting the Trust's total liabilities (not including the
    preferred shares) from the Trust's total assets and dividing this by the
    number of preferred shares outstanding.

                                        20
<PAGE>

<Table>
<Caption>
                                                                       APRIL 30,1993
                                                                       (COMMENCEMENT
YEAR ENDED OCTOBER 31,                                                 OF INVESTMENT
- -------------------------------------------------------------------    OPERATIONS) TO
      1999       1998       1997       1996       1995       1994     OCTOBER 31, 1993
- --------------------------------------------------------------------------------------
<S> <C>        <C>        <C>        <C>        <C>        <C>        <C>
    $  15.98   $  15.48   $  14.83   $  14.68   $  12.57   $  15.67       $  14.69
    --------   --------   --------   --------   --------   --------       --------
        1.12       1.13       1.13       1.13       1.14       1.14            .43
       (1.57)       .49        .62        .13       2.19      (3.13)           .90
        (.33)      (.35)      (.35)      (.36)      (.40)      (.28)          (.07)
         -0-        -0-        -0-        -0-        -0-        -0-**          -0-
    --------   --------   --------   --------   --------   --------       --------
        (.78)      1.27       1.40        .90       2.93      (2.27)          1.26
         .78        .77        .75        .75        .82        .82            .28
         -0-        -0-        -0-        -0-        -0-        .01            -0-
    --------   --------   --------   --------   --------   --------       --------
    $  14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57       $  15.67
    ========   ========   ========   ========   ========   ========       ========
    $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50   $ 10.375       $ 14.875
     -11.99%     15.59%     14.26%      7.17%     28.60%    -25.61%          1.00%*
    $   64.4   $   71.4   $   69.2   $   66.3   $   65.6   $   56.2       $   70.0
       1.87%      1.83%      1.91%      1.97%      2.03%      1.98%          1.55%
       7.23%      7.17%      7.51%      7.70%      8.27%      8.00%          5.67%
         28%         7%         9%        27%        43%        53%             9%*
       1.13%      1.12%      1.14%      1.17%      1.17%      1.16%          1.14%
       5.13%      4.93%      5.15%      5.24%      5.35%      6.09%          4.75%
       1,800        900        900        900        900        900            900
    $ 60,800   $129,330   $126,872   $123,646   $122,900   $112,433       $127,819
    $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000       $ 50,000
    $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000       $ 50,000
</Table>

See Notes to Financial Statements

                                        21
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2002 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES

Van Kampen Pennsylvania Value Municipal Income Trust (the "Trust") is registered
as a non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust's investment objective is
to provide a high level of current income exempt from federal and Pennsylvania
income taxes and, where possible under local law, local income and personal
property taxes, consistent with preservation of capital. The Trust will invest
substantially all of its assets in Pennsylvania municipal securities rated
investment grade at the time of investment. The Trust commenced investment
operations on April 30, 1993.

    The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

A. SECURITY VALUATION Municipal bonds are valued by independent pricing services
or dealers using the mean of the 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.
Short-term securities with remaining maturities of 60 days or less are valued at
amortized cost, which approximates market value.

B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when-issued" or "delayed delivery"
basis with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this period. The Trust will
maintain, in a segregated account with its custodian, assets having an aggregate
value at least equal to the amount of the when-issued or delayed delivery
purchase commitments until payment is made. As of April 30, 2002, there were no
when-issued or delayed delivery purchase commitments.

                                        22
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2002 (Unaudited)

C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond
premium is amortized and discount is accreted over the expected life of each
applicable security.

    As required, effective November 1, 2001, the Trust has adopted the
provisions of the AICPA Audit and Accounting Guide for Investment Companies and
began accreting market discount on fixed income securities. Prior to November 1,
2001, the Trust did not accrete market discount on fixed income securities. The
cumulative effect of this accounting change had no impact on total net assets of
the Trust, but resulted in a $169,859 increase in cost of securities and a
corresponding $169,859 decrease in net unrealized appreciation based on
securities held by the Trust on November 1, 2001.

    The effect of this change for the six months ended April 30, 2002 was to
increase net investment income by $44,359 and increase net unrealized
depreciation by $44,359. The Statement of Changes in Net Assets and Financial
Highlights for prior periods have not been restated to reflect this change in
presentation.

D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no provision for federal income taxes is required.

    The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset these losses against any future realized gains. At
October 31, 2001, the Trust had an accumulated capital loss carryforward for tax
purposes of $3,385,925, which will expire between October 31, 2002 and October
31, 2007. Of this amount, $1,540,579 will expire on October 31, 2002.

    At April 30, 2002, the cost and related gross unrealized appreciation and
depreciation are as follows:

<Table>
<S>                                                             <C>
Cost of investments for tax purposes........................    $106,188,425
                                                                ============
Gross tax unrealized appreciation...........................    $  7,374,686
Gross tax unrealized deprecation............................         226,959
                                                                ------------
Net tax unrealized appreciation on investments..............    $  7,147,727
                                                                ============
</Table>

E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included as ordinary income for tax
purposes.

                                        23
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2002 (Unaudited)

F. RECLASSIFICATIONS In accordance with the provisions of EITF D-98,
"Classification and Measurement of Redeemable Securities", effective for the
current period, the Trust has reclassified its Auction Preferred Shares ("APS")
outside of permanent equity in the Net Assets section of the Statement of Assets
and Liabilities. In addition, distributions to APS shareholders are now
classified as a component of the "Increase in net assets from operations" on the
Statement of Operations and the Statements of Changes in Net Assets and as a
component of the "Total from investment operations" on the Financial Highlights.
Prior year amounts presented have been reclassified to conform to this period's
presentation. This change has no impact on the net assets applicable to common
shares of the Trust.

2. INVESTMENT ADVISORY AGREEMENT AND
OTHER TRANSACTIONS WITH AFFILIATES

Under the terms of the Trust's Investment Advisory Agreement, Van Kampen
Investment Advisory Corp. (the "Adviser") will provide investment advice and
facilities to the Trust for an annual fee payable monthly of .60% of the average
daily net assets of the Trust. In addition, the Trust will pay a monthly
administrative fee to Van Kampen Investments Inc. or its affiliates
(collectively "Van Kampen"), the Trust's Administrator, at an annual rate of
...05% of the average daily net assets of the Trust. Effective May 15, 2002, this
fee was reduced from .20% to .05% of the average daily net assets of the Trust.
The administrative services provided by the Administrator include record keeping
and reporting responsibilities with respect to the Trust's portfolio and
preferred shares and providing certain services to shareholders.

    For the six months ended April 30, 2002, the Trust recognized expenses of
approximately $3,300 representing legal services provided by Skadden, Arps,
Slate, Meagher, & Flom (Illinois), counsel to the Trust, of which a trustee of
the Trust is an affiliated person.

    Under separate Accounting Services and Legal Services agreements, the
Adviser provides accounting and legal services to the Trust. The Adviser
allocates the cost of such services to each trust. For the six months ended
April 30, 2002, the Trust recognized expenses of approximately $14,400
representing Van Kampen's cost of providing accounting and legal services to the
Trust, which are reported as part of "Other" and "Legal" expenses, respectively,
in the Statement of Operations.

    Certain officers and trustees of the Trust are also officers and directors
of Van Kampen. The Trust does not compensate its officers or trustees who are
officers of Van Kampen.

    The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation

                                        24
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2002 (Unaudited)

plan, trustees may elect to defer all or a portion of their compensation to a
later date. Benefits under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustee's years of service to the Trust.
The maximum annual benefit per trustee under the plan is $2,500.

3. INVESTMENT TRANSACTIONS

During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $2,320,261 and $3,055,990, respectively.

4. PREFERRED SHARES

The Trust has outstanding 1,800 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every seven days through an
auction process. The rate in effect on April 30, 2002 was 1.65%. During the six
months ended April 30, 2002, the rates ranged from 1.170% to 1.950%.

    The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of "Preferred Share
Maintenance" expense in the Statement of Operations.

    The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $25,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.

                                        25
<PAGE>

DIVIDEND REINVESTMENT PLAN

    The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions
reinvested in Common Shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common Shareholders may join or withdraw from the Plan at any time.

    If you decide to participate in the Plan, State Street Bank and Trust
Company, as your Plan Agent, will automatically invest your dividends and
capital gains distributions in Common Shares of the Trust for your account.

HOW TO PARTICIPATE

    If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish
to participate in the Plan, but your brokerage firm, bank or nominee is unable
to participate on your behalf, you should request that your shares be
re-registered in your own name which will enable your participation in the Plan.

HOW THE PLAN WORKS

    Participants in the Plan will receive the equivalent in Common Shares valued
on the valuation date, generally at the lower of market price or net asset
value, except as specified below. The valuation date will be the dividend or
distribution payment date or, if that date is not a trading day on the national
securities exchange or market system on which the Common Shares are listed for
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that
date, the Trust will issue new Common Shares to participants valued at the
higher of net asset value or 95% of the market price on the valuation date. In
the foregoing situation, the Trust will not issue Common Shares under the Plan
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of
Trustees should declare a dividend or capital gains distribution payable to the
Common Shareholders only in cash, participants in the Plan will be deemed to
have elected to receive Common Shares from the Trust valued at the market price
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent
for the participants, buy the Trust's Common Shares in the open market for the
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value of the Trust's Common Shares,
resulting in

                                        26
<PAGE>

the acquisition of fewer Common Shares than if the dividend or distribution had
been paid in Common Shares issued by the Trust. All reinvestments are in full
and fractional Common Shares and are carried to three decimal places.

    Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or
terminated by the Plan Agent by at least 90 days written notice to all Common
Shareholders of the Trust.

COSTS OF THE PLAN

    The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. No other charges will be made to participants for reinvesting
dividends or
capital gains distributions, except for certain brokerage commissions, as
described above.

TAX IMPLICATIONS

    You will receive tax information annually for your personal records and to
help you prepare your federal income tax return. The automatic reinvestment of
dividends and capital gains distributions does not relieve you of any income tax
which may be payable on dividends or distributions.

RIGHT TO WITHDRAW

    Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA
02266-8200. If you withdraw, you will receive, without charge, a share
certificate issued in your name for all full Common Shares credited to your
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to
participate in the Plan at any time by calling 1-800-341-2929 or writing to the
Trust at:

       Van Kampen Funds Inc.
        Attn: Closed-End Funds
         2800 Post Oak Blvd.
          Houston, TX 77056

                                        27
<PAGE>

BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

BOARD OF TRUSTEES

DAVID C. ARCH
ROD DAMMEYER
HOWARD J KERR
THEODORE A. MYERS
RICHARD F. POWERS, III* - Chairman
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN*

INVESTMENT ADVISER

VAN KAMPEN INVESTMENT ADVISORY CORP.
1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555

CUSTODIAN AND TRANSFER AGENT

STATE STREET BANK
AND TRUST COMPANY
c/o EquiServe
P.O. Box 43011
Providence, Rhode Island 02940-3011

LEGAL COUNSEL

SKADDEN, ARPS, SLATE
MEAGHER & FLOM (ILLINOIS)
333 West Wacker Drive
Chicago, Illinois 60606

INDEPENDENT AUDITORS

DELOITTE & TOUCHE LLP
180 North Stetson Avenue
Chicago, Illinois 60601

*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.

                                        28
<PAGE>

Van Kampen
Privacy Notice

The Van Kampen companies and investment products* respect your right to privacy.
We also know that you expect us to conduct and process your business in an
accurate and efficient manner. To do so, we must collect and maintain certain
nonpublic personal information about you. This is information we collect from
you on applications or other forms, and from the transactions you make with us,
our affiliates, or third parties. We may also collect information you provide
when using our web site, and text files (a.k.a. "cookies") may be placed on your
computer to help us to recognize you and to facilitate transactions you
initiate. We do not disclose any nonpublic personal information about you or any
of our former customers to anyone, except as permitted by law. For instance, so
that we may continue to offer you Van Kampen investment products and services
that meet your investing needs, and to effect transactions that you request or
authorize, we may disclose the information we collect to companies that perform
services on our behalf, such as printers and mailers that assist us in the
distribution of investor materials. These companies will use this information
only for the services for which we hired them, and are not permitted to use or
share this information for any other purpose. To protect your nonpublic personal
information internally, we permit access to it only by authorized employees, and
maintain physical, electronic and procedural safeguards to guard your nonpublic
personal information.

* Includes Van Kampen Investments Inc., Van Kampen Investment Advisory Corp.,
  Van Kampen Asset Management Inc., Van Kampen Advisors Inc., Van Kampen
  Management Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc., Van
  Kampen Trust Company, Van Kampen System Inc. and Van Kampen Exchange Corp., as
  well as the many Van Kampen mutual funds and Van Kampen unit investment
  trusts.

Van Kampen Funds Inc.
1 Parkview Plaza, P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com

                         [VAN KAMPEN INVESTMENTS LOGO]
Copyright (C)2002 Van Kampen Funds Inc. All rights reserved.
VPV SAR 6/02                                                   Member NASD/SIPC.
                                                                 6188F02-AS-6/02

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