<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c77307nvcsr.txt
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
<PAGE>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

        CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
                                   COMPANIES

Investment Company Act file number 811-7398

              Van Kampen Pennsylvania Value Municipal Income Trust
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

               1221 Avenue of the Americas NY NY              10020
--------------------------------------------------------------------------------
            (Address of principal executive offices)        (Zip code)

                                 Ronald Robison
                          1221 Avenue of the Americas
                               New York, NY 10020
--------------------------------------------------------------------------------
                    (Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-4000
                                                   -----------------------------

Date of fiscal year end: 10/31/03
                        -----------

Date of reporting period: 04/30/03
                         -----------
<PAGE>
Item 1.  Report to Shareholders

       PERFORMANCE SUMMARY

RETURN HIGHLIGHTS

(as of April 30, 2003)

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

<Table>
<S>                                                        <C>      <C>
-----------------------------------------------------------------------
Six-month total return(1)                                     4.00%
-----------------------------------------------------------------------
One-year total return(1)                                     11.66%
-----------------------------------------------------------------------
Five-year average annual total return(1)                      9.33%
-----------------------------------------------------------------------
Ten-year average annual total return(1)                       6.71%
-----------------------------------------------------------------------
Life-of-Trust average annual total return(1)                  6.71%
-----------------------------------------------------------------------
Commencement date                                          04/30/93
-----------------------------------------------------------------------

Distribution rate as a % of closing common share market
price(2)                                                      6.70%
-----------------------------------------------------------------------
Taxable-equivalent distribution rate as a % of closing
common share market price(3)                                 11.22%
-----------------------------------------------------------------------
Preferred share rate(4)                                      1.150%
-----------------------------------------------------------------------
Net asset value                                              $16.59
-----------------------------------------------------------------------
Closing common share market price                            $15.94
-----------------------------------------------------------------------
Six-month high common share market price (04/10/03)          $16.07
-----------------------------------------------------------------------
Six-month low common share market price (12/23/02)           $15.13
-----------------------------------------------------------------------
</Table>

              NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE

                                        1
<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 the maximum
    40.3% combined federal and state income tax rate effective for calendar year
    2003, which takes into consideration the deductibility of individual state
    taxes paid.

(4) See "Notes to Financial Statements" footnote #5, 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.

                                        2
<PAGE>

               PORTFOLIO AT A GLANCE

CREDIT QUALITY

(as a percentage of long-term investments)


<Table>
<Caption>
As of April 30, 2003
<S>                                 <C>
AAA/Aaa...........................  73.2%
AA/Aa.............................  13.6%
A/A...............................   4.8%
BBB/Baa...........................   8.4%
</Table>

TOP FIVE SECTORS

(as a percentage of long-term investments)


<Table>
<Caption>
As of April 30, 2003
<S>                                 <C>
General Purpose...................  17.7%
Health Care.......................  15.5%
Higher Education..................  15.5%
Public Education..................  13.7%
Single-Family Housing.............  12.1%
</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.

NET ASSET VALUE AND COMMON SHARE MARKET PRICE

(based upon quarter-end values--April 1993 through April 2003)
[LINE GRAPH]

<Table>
<Caption>
                                                                      NET ASSET VALUE               COMMON SHARE MARKET PRICE
                                                                      ---------------               -------------------------
<S>                                                           <C>                                <C>
4/93                                                                     $14.9000                           $15.0000
6/93                                                                     $15.2600                           $14.5000
                                                                         $15.7900                           $14.8750
                                                                         $15.7400                           $14.5000
                                                                         $13.5100                           $12.6250
6/94                                                                     $13.4200                           $12.8750
                                                                         $13.1700                           $11.2500
                                                                         $12.5300                           $10.7500
                                                                         $13.9500                           $12.7500
6/95                                                                     $14.1000                           $12.8750
                                                                         $14.3800                           $12.3750
                                                                         $15.1400                           $12.3750
                                                                         $14.5200                           $12.7500
6/96                                                                     $14.3300                           $12.0000
                                                                         $14.6700                           $12.2500
                                                                         $14.9600                           $12.3750
                                                                         $14.5800                           $12.3750
6/97                                                                     $15.0600                           $13.0625
                                                                         $15.4400                           $13.6250
                                                                         $15.7500                           $13.6250
                                                                         $15.7700                           $14.2500
6/98                                                                     $15.7700                           $14.5000
                                                                         $16.0900                           $14.7500
                                                                         $15.9000                           $14.9375
                                                                         $15.8200                           $14.5000
6/99                                                                     $15.1300                           $13.6875
                                                                         $14.6900                           $13.0000
                                                                         $14.2200                           $11.8750
                                                                         $14.5200                           $12.0000
6/00                                                                     $14.5400                           $12.6875
                                                                         $14.7300                           $12.6875
                                                                         $15.5800                           $12.9375
                                                                         $15.6500                           $13.4000
6/01                                                                     $15.5200                           $14.2200
                                                                         $15.8500                           $14.7000
                                                                         $15.4500                           $14.6000
                                                                         $15.3200                           $14.9700
6/02                                                                     $15.8800                           $16.0000
                                                                         $16.7100                           $16.5000
                                                                         $16.4400                           $15.6400
                                                                         $16.4400                           $16.0000
4/03                                                                     $16.5900                           $15.9400
</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 common share 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. Common share market price is influenced by a range of factors,
including supply and demand and market conditions.

                                        3
<PAGE>

Q&A WITH YOUR PORTFOLIO MANAGER

WE RECENTLY SPOKE WITH THE MANAGEMENT TEAM OF 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 MONTHS ENDED APRIL 30,
2003. 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?

A   The environment over the past six
months has been defined by two major themes. The first of these was the level of
interest rates. The period began with interest rates at levels not seen in over
three decades and, surprisingly for many, ended with rates slightly lower. The
Federal Reserve Board (the Fed) helped keep rates low with a widely anticipated
rate cut in November, driven by economic uncertainty and geopolitical risk. The
low level of rates led to a boom in issuance by municipalities seeking to lock
in low financing costs. As a result, issuance reached a record level of $354
billion in 2002 and continued to be exceptional in the first quarter of 2003.

    The other theme in the market during the period was the relative
attractiveness of municipal bonds, which produced enough demand to absorb the
record issuance. Investors, wary of volatility in the equity market and in the
geopolitical arena, flocked to perceived safe haven investments. Their risk
aversion counteracted growing expectations for economic recovery and rising
interest rates, and was a key factor in keeping interest rates at historically
low levels. In their ongoing preference for low-risk assets, investors bid
Treasury prices up to such high levels that municipal bonds became as
attractively valued as they have ever been relative to Treasuries. Insurance
companies also moved heavily into municipal bonds as their mainstay corporate
bond holdings became less attractive. At the same time, issuers recognized
investor concerns over economic weakness by insuring roughly 50 percent of all
issuance. This credit enhancement feature made municipal bonds even more
attractive to risk-averse investors.

    While lower financing costs were a boon to municipal issuers, the continuing
weakness in the economy had a negative impact on municipal credit quality,
particularly in the first quarter of 2003. Moody's upgrades barely exceeded the
number of downgrades in the first quarter, with credit quality facing continued
pressure

                                        4
<PAGE>

from rising social service costs and weak national and regional economic
conditions. As a result, municipalities face enormous deficits in 2003, when
their combined shortfall is expected to reach $90 billion.

    Performance along the yield curve was varied. The Fed's November rate cut
fueled a rally in short-term bonds that helped pull yields lower at the front
end of the curve. Despite that rally, the best performing segment of the curve
was the long-intermediate portion where performance was largely driven by buying
activity among institutional investors drawn by the bonds' attractive total
return potential.

    While it has been slow, the Pennsylvania economy has fared relatively well
compared to many other big states. Pennsylvania's government has a history of
fiscal restraint that has served the state well in such situations. The state
also has a long tradition of actively refinancing its debt to lock in lower
financing rates during periods of low or falling interest rates, and the past
six months were no exception.

Q   HOW DID THE TRUST PERFORM IN
    THIS ENVIRONMENT?

A   The trust's monthly dividend of
$0.0890 per share translated to a distribution rate of 6.70 percent based on the
trust's closing common share market price on April 30, 2003. Based on these
figures, investors would have to earn a distribution rate of 11.22 percent on a
taxable investment (for an investor in the 40.30 percent combined federal and
state income tax bracket) to match the tax-exempt yield provided by the trust.

    For the six months through April 30, 2003, the trust produced a total return
of 4.00 percent based on common share market price. By comparison, the Lehman
Brothers Pennsylvania Municipal Bond Index posted a total return of 3.79 percent
for the same period. Of course, 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. 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.

    The Lehman Brothers Pennsylvania Municipal Bond 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 the index represents. Such costs would lower performance. It is
not possible to invest directly in an index. For additional information, please
refer to the performance summary section.

Q   WHAT STRATEGIES DID YOU PURSUE
    IN MANAGING THE TRUST?

A   With yields hovering near record
lows, we focused on protecting the trust from the potential adverse effects of
rising interest rates while maintaining the trust's yield. One of our primary
methods for doing this was to purchase premium bonds with maturities of between
15 and 20 years. Our quantitative analysis showed that this segment of the yield
curve offered the optimal combination of total return

                                        5
<PAGE>

potential as well as the potential for downside protection in the form of a
comfortable yield cushion and an intermediate maturity profile.

    The funds for these purchases came from a number of sources. Some of the
portfolio's holdings were called by their issuers, and we sold others that were
prerefunded. We also trimmed the trust's exposure to deep discount bonds with
coupons below 5 percent when retail investors bid the bonds' prices up to
attractive levels.

    While the trust remained well diversified, our trading activity did have
some effect on the portfolio's sector composition. The largest sector change was
in the trust's transportation holdings. Several of the deep discount issues that
we sold were from issuers such as the Southeastern Pennsylvania Transit
Authority (SEPTA) and the Pennsylvania Turnpike. These sales resulted in a 5
percent reduction in the portfolio's transportation exposure.

                                        6
<PAGE>

                        BY THE NUMBERS

YOUR TRUST'S INVESTMENTS

April 30, 2003 (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  159.9%
          PENNSYLVANIA  151.6%
$1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh
          Intl Arpt Rfdg (FGIC Insd)..............       5.750%  01/01/18  $  1,086,220
 1,360    Allegheny Cnty, PA Hosp Dev Auth Rev
          Hlth Sys Ser A (MBIA Insd)..............       6.500   11/15/30     1,621,555
   800    Allegheny Cnty, PA Indl Dev Auth Med Ctr
          Rev Presbyterian Med Ctr Rfdg (FHA
          Gtd)....................................       6.750   02/01/26       844,600
 2,000    Allegheny Cnty, PA Port Auth Spl Rev
          Trans (Prerefunded @ 03/01/09) (MBIA
          Insd)...................................       6.000   03/01/24     2,367,840
   985    Allegheny Cnty, PA Residential Mtg
          Single Family Ser KK-2 (GNMA
          Collateralized).........................       5.750   05/01/33     1,031,492
 1,525    Allegheny Cnty, PA Residential Mtg
          Single Family Ser MM (GNMA
          Collateralized) (a)..................... 4.000/5.200   05/01/33     1,522,972
 1,000    Allegheny Cnty, PA San Auth Swr Rev
          (MBIA Insd).............................       5.500   12/01/24     1,087,700
 2,600    Allentown, PA Area Hosp Auth Rev Sacred
          Heart Hosp of Allentown Ser A Rfdg......       6.750   11/15/14     2,604,680
 2,580    Bensalem Twp, PA Sch Dist (FGIC Insd)...       5.000   08/15/17     2,785,703
 2,775    Bensalem Twp, PA Sch Dist (FGIC Insd)...       5.000   08/15/20     2,938,697
 2,000    Berks Cnty, PA Muni Auth Hosp Rev
          Reading Hosp & Med Ctr Proj (Prerefunded
          @ 11/01/09) (FSA Insd)..................       6.000   11/01/29     2,413,860
 1,000    Canon McMillan Sch Dist PA Ser B (FGIC
          Insd)...................................       5.500   12/01/29     1,086,850
   945    Carbon Cnty, PA Indl Dev Auth Panther
          Creek Partn Proj Rfdg (LOC: Paribas &
          Union Bk of CA Intl)....................       6.650   05/01/10       988,810
 1,500    Chichester Sch Dist PA (FGIC Insd)......         *     03/01/19       736,215
 1,000    Cumberland Cnty, PA Muni Auth Dickinson
          College Ser A (AMBAC Insd)..............       5.500   11/01/30     1,086,680
 1,000    Delaware Cnty, PA Auth College Neumann
          College Rfdg............................       6.000   10/01/31     1,027,520
</Table>

                                               See Notes to Financial Statements

                                        7
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2003 (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 Ctr.........................       6.000%  12/15/09  $  1,027,750
 1,500    Delaware Vly, PA Regl Fin Auth..........       5.750   07/01/17     1,763,025
 2,000    Lehigh Cnty, PA Gen Purp Auth Cedar
          Crest College Rfdg......................       6.700   04/01/26     2,089,940
 1,000    Luzerne Cnty, PA Ser A (MBIA Insd)......       5.250   11/15/25     1,060,430
 5,000    Lycoming Cnty, PA Auth College Rev PA
          College of Technology (AMBAC Insd)
          (b).....................................       5.375   07/01/30     5,259,250
 1,000    Mercer Cnty, PA (FGIC Insd).............       5.500   10/01/15     1,129,550
 1,000    Mifflin Cnty, PA Hosp Auth (Asset Gty
          Insd)...................................       6.200   07/01/25     1,110,290
 1,150    Monroeville, PA Muni Auth San Swr Rev
          Ser B (MBIA Insd).......................       5.250   12/01/17     1,267,818
 1,000    Montgomery Cnty, PA Higher Edl & Hlth
          Auth Hosp Rev Abington Mem Hosp Ser A
          (AMBAC Insd)............................       5.125   06/01/24     1,011,610
 1,500    Montgomery Cnty, PA Higher Edl & Hlth
          Auth Hosp Rev Abington Mem Hosp Ser A...       5.125   06/01/32     1,475,415
 1,000    Montgomery Cnty, PA Indl Dev Auth Rev
          Res Rec Montenay Proj Ser A (MBIA
          Insd)...................................       5.250   11/01/14     1,132,610
 1,225    Northampton Twp, PA (FGIC Insd).........       5.375   05/15/15     1,364,319
 1,735    Pennsylvania Hsg Fin Agy Single Family
          Mtg Ser 40..............................       6.900   04/01/25     1,789,548
 3,000    Pennsylvania Hsg Fin Agy Single Family
          Mtg Ser 41B Rfdg........................       6.450   10/01/12     3,079,800
 1,000    Pennsylvania Hsg Fin Agy Single Family
          Mtg Ser 53A.............................       6.050   04/01/18     1,053,350
 2,000    Pennsylvania Hsg Fin Agy Single Family
          Mtg Ser 54A Rfdg (FHA/VA Gtd)...........       6.050   10/01/16     2,112,540
 1,000    Pennsylvania Hsg Fin Agy Single Family
          Mtg Ser 56A (FHA/VA Gtd)................       6.050   10/01/16     1,061,110
 1,500    Pennsylvania Intergvtl Coop Auth Spl Tax
          Rev Philadelphia Fdg Pgm Rfdg (FGIC
          Insd)...................................       5.500   06/15/20     1,636,305
 4,275    Pennsylvania St Ctf Partn Ser A Rfdg
          (AMBAC Insd)............................       5.250   07/01/10     4,372,855
 1,000    Pennsylvania St Higher Edl Bryn Mawr
          College (AMBAC Insd)....................       5.250   12/01/12     1,142,930
</Table>

See Notes to Financial Statements

                                        8
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2003 (Unaudited)

<Table>
<Caption>
PAR
AMOUNT                                                                        MARKET
(000)     DESCRIPTION                                COUPON      MATURITY     VALUE
<C>       <S>                                      <C>           <C>       <C>
          PENNSYLVANIA (CONTINUED)
$1,000    Pennsylvania St Higher Edl Fac Auth
          College & Univ Rev Bryn Mawr College
          (MBIA Insd).............................       5.625%  12/01/17  $  1,132,430
 1,000    Pennsylvania St Higher Edl Fac Auth Rev
          Drexel Univ.............................       5.500   05/01/17     1,094,030
 1,000    Pennsylvania St Higher Edl Fac Auth Rev
          Thomas Jefferson Univ...................       5.375   01/01/25     1,052,300
 2,000    Pennsylvania St Higher Edl UPMC Hlth Sys
          Ser A...................................       6.000   01/15/31     2,090,080
 1,000    Pennsylvania St Indl Dev Auth Econ Dev
          (AMBAC Insd)............................       5.500   07/01/14     1,148,930
 2,000    Pennsylvania St Pub Sch Bldg Auth Lehigh
          Career & Technical Inst (FGIC Insd).....       5.250   10/01/32     2,104,980
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg
          (FGIC Insd).............................       5.500   12/01/10     3,486,848
 2,000    Pennsylvania St Tpk Commn Tpk Rev Ser R
          (AMBAC Insd)............................       5.000   12/01/26     2,067,220
 1,500    Philadelphia, PA (FSA Insd).............       5.250   09/15/25     1,577,385
 2,000    Philadelphia, PA Auth for Indl Dev Rev
          Rfdg....................................       5.500   07/01/10     2,046,060
 1,000    Philadelphia, PA Auth Indl Dev Amern
          College Of Physicians...................       5.500   06/15/27     1,042,250
 1,000    Philadelphia, PA Hosp & Higher Edl Fac
          Auth Hosp Rev PA Hosp Rfdg (Escrowed to
          Maturity)...............................       6.250   07/01/06     1,133,320
 1,455    Philadelphia, PA Hosp & Higher Edl Fac
          Auth Rev Cmnty College Ser B Rfdg (MBIA
          Insd)...................................       6.500   05/01/09     1,742,479
 2,000    Philadelphia, PA Sch Dist Ser B (AMBAC
          Insd)...................................       5.500   09/01/18     2,174,660
 3,000    Philadelphia, PA Ser A Rfdg (FGIC
          Insd)...................................       6.250   11/15/04     3,225,900
 3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg
          (AMBAC Insd)............................       5.500   06/15/07     4,155,139
 4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud
          Regl Asset Dist Sales Tax (AMBAC
          Insd)...................................       5.000   02/01/24     4,627,800
 2,000    Pittsburgh, PA Ser A (Prerefunded @
          09/01/09) (FGIC Insd)...................       5.750   09/01/22     2,344,340
 1,000    Pittsburgh, PA Urban Redev Auth Mtg Rev
          Ser C Rfdg..............................       6.500   10/01/23     1,038,610
 1,600    Pittsburgh, PA Urban Redev Auth Mtg Rev
          Ser C Rfdg (GNMA Collateralized)........       5.700   04/01/30     1,655,216
</Table>

                                               See Notes to Financial Statements

                                        9
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2003 (Unaudited)

<Table>
<Caption>
PAR
AMOUNT                                                                        MARKET
(000)     DESCRIPTION                                COUPON      MATURITY     VALUE
<C>       <S>                                      <C>           <C>       <C>
          PENNSYLVANIA (CONTINUED)
$1,000    Southcentral, PA Gen Auth Rev Wellspan
          Hlth Oblig (MBIA Insd)..................       5.375%  05/15/28  $  1,050,060
 1,000    State Pub Sch Bldg Auth PA Delaware Cnty
          College Proj (MBIA Insd)................       5.750   10/01/16     1,152,510
 1,000    State Pub Sch Bldg Auth PA Sch Rev
          Conneaut Sch Dist Proj (FGIC Insd)
          (c).....................................       5.250   11/01/19     1,094,210
 1,500    Washington Cnty, PA Auth Rev Cap Fdg Cap
          Proj & Equip Pgm (AMBAC Insd)...........       6.150   12/01/29     1,808,670
 1,350    Washington Cnty, PA Ser A (AMBAC
          Insd)...................................       5.125   09/01/27     1,407,807
 1,000    Wayne Highlands, PA Sch Dist (FSA
          Insd)...................................       5.375   04/01/14     1,127,850
 1,000    Wilson, PA Area Sch Dist (FGIC Insd)....       5.125   03/15/16     1,098,340
   500    York Cnty, PA Sch Technology
          (FGIC Insd) (c).........................       5.500   02/15/22       547,295
 1,000    York Cnty, PA Sch Technology
          (FGIC Insd) (c).........................       5.500   02/15/23     1,090,330
                                                                           ------------
                                                                            112,488,888
                                                                           ------------
          PUERTO RICO  6.8%
 4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy
          Rev Ser Y Rfdg (FSA Insd)...............       6.250   07/01/21     5,002,440
                                                                           ------------

          U. S. VIRGIN ISLANDS  1.5%
 1,000    Virgin Islands Pub Fin Auth Rev Gross
          Rcpts Taxes Nt Ser A....................       6.375   10/01/19     1,115,930
                                                                           ------------

TOTAL INVESTMENTS  159.9%
  (Cost $109,496,077)....................................................   118,607,258
OTHER ASSETS IN EXCESS OF LIABILITIES  0.8%..............................       596,724
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (60.7%)..............   (45,009,918)
                                                                           ------------

NET ASSETS APPLICABLE TO COMMON SHARES  100.0%...........................  $ 74,194,064
                                                                           ============
</Table>

See Notes to Financial Statements

                                        10
<PAGE>

YOUR TRUST'S INVESTMENTS

April 30, 2003 (Unaudited)

 * Zero coupon bond

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

(b) Assets segregated as collateral for when-issued or delayed delivery purchase
    commitments.

(c) Securities purchased on a when-issued or delayed delivery basis.

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

                                        11
<PAGE>

FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2003 (Unaudited)

<Table>
<S>                                                           <C>
ASSETS:
Total Investments (Cost $109,496,077).......................  $118,607,258
Receivables:
  Investments Sold..........................................     2,135,927
  Interest..................................................     1,809,459
Other.......................................................           216
                                                              ------------
    Total Assets............................................   122,552,860
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     2,693,845
  Custodian Bank............................................       411,607
  Investment Advisory Fee...................................        58,366
  Administrative Fee........................................         4,864
  Affiliates................................................         2,962
Trustees' Deferred Compensation and Retirement Plans........       147,050
Accrued Expenses............................................        30,184
                                                              ------------
    Total Liabilities.......................................     3,348,878
Preferred Shares (including accrued distributions)..........    45,009,918
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 74,194,064
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($74,194,064 divided by
  4,472,625 shares outstanding).............................  $      16.59
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,472,625 shares issued and
  outstanding)..............................................  $     44,726
Paid in Surplus.............................................    64,627,048
Net Unrealized Appreciation.................................     9,111,181
Accumulated Undistributed Net Investment Income.............       854,303
Accumulated Net Realized Loss...............................      (443,194)
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 74,194,064
                                                              ============
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.......................  $119,194,064
                                                              ============
</Table>

See Notes to Financial Statements

                                        12
<PAGE>

Statement of Operations
For the Six Months Ended April 30, 2003 (Unaudited)

<Table>
<S>                                                           <C>
INVESTMENT INCOME:
Interest....................................................  $3,053,666
                                                              ----------
EXPENSES:
Investment Advisory Fee.....................................     350,411
Preferred Share Maintenance.................................      66,407
Administrative Fee..........................................      29,200
Trustees' Fees and Related Expenses.........................      22,433
Legal.......................................................       8,697
Custody.....................................................       3,327
Other.......................................................      64,635
                                                              ----------
    Total Expenses..........................................     545,110
                                                              ----------
NET INVESTMENT INCOME.......................................  $2,508,556
                                                              ==========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $1,402,152
                                                              ----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................   8,307,151
  End of the Period.........................................   9,111,181
                                                              ----------
Net Unrealized Appreciation During the Period...............     804,030
                                                              ----------
NET REALIZED AND UNREALIZED GAIN............................  $2,206,182
                                                              ==========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $ (254,006)
                                                              ==========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $4,460,732
                                                              ==========
</Table>

                                               See Notes to Financial Statements

                                        13
<PAGE>

Statements of Changes in Net Assets
(Unaudited)

<Table>
<Caption>
                                                    SIX MONTHS ENDED       YEAR ENDED
                                                     APRIL 30, 2003     OCTOBER 31, 2002
                                                    ------------------------------------
<S>                                                 <C>                 <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income..............................   $ 2,508,556         $ 5,123,267
Net Realized Gain..................................     1,402,152             534,357
Net Unrealized Appreciation/Depreciation During the
  Period...........................................       804,030            (145,741)

Distributions to Preferred Shareholders:
  Net Investment Income............................      (254,006)           (680,734)
                                                      -----------         -----------
Change in Net Assets Applicable to Common Shares
  from Operations..................................     4,460,732           4,831,149

Distributions to Common Shareholders:
  Net Investment Income............................    (2,374,739)         (4,442,637)
                                                      -----------         -----------

NET CHANGE IN NET ASSETS APPLICABLE TO COMMON
  SHARES FROM INVESTMENT ACTIVITIES................     2,085,993             388,512

FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment.....................................           -0-              59,550
                                                      -----------         -----------
TOTAL INCREASE IN NET ASSETS APPLICABLE TO COMMON
  SHARES...........................................     2,085,993             448,062
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period............................    72,108,071          71,660,009
                                                      -----------         -----------
End of the Period (Including accumulated
  undistributed net investment income of $854,303
  and $974,492, respectively)......................   $74,194,064         $72,108,071
                                                      ===========         ===========
</Table>

See Notes to Financial Statements

                                        14
<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,    -------------------
                                                            2003      2002 (c)     2001
                                                         --------------------------------
<S>                                                      <C>          <C>         <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD (a)............  $ 16.12     $ 16.04     $ 14.89
                                                          -------     -------     -------
  Net Investment Income.................................      .56        1.14        1.21
  Net Realized and Unrealized Gain/Loss.................      .50         .08        1.07
Common Share Equivalent of Distributions Paid to
  Preferred Shareholders:
    Net Investment Income...............................     (.06)       (.15)       (.33)
    Net Realized Gain...................................      -0-         -0-         -0-
                                                          -------     -------     -------
Total from Investment Operations........................     1.00        1.07        1.95
Distributions Paid to Common Shareholders:
    Net Investment Income...............................     (.53)       (.99)       (.80)
    Net Realized Gain...................................      -0-         -0-         -0-
                                                          -------     -------     -------
NET ASSET VALUE, END OF THE PERIOD......................  $ 16.59     $ 16.12     $ 16.04
                                                          =======     =======     =======
Common Share Market Price at End of the Period..........  $ 15.94     $ 15.85     $ 15.11
Total Return (b)........................................    4.00%*     11.76%      30.60%
Net Assets Applicable to Common Shares at End of the
  Period (In millions)..................................  $  74.2     $  72.1     $  71.7
Ratio of Expenses to Average Net Assets Applicable to
  Common Shares (d).....................................    1.51%       1.60%       1.83%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d).......................    6.95%       7.22%       7.78%
Portfolio Turnover......................................      12%*        16%         20%
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including
  Preferred Shares (d)..................................     .93%        .98%       1.11%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (e).......................    6.24%       6.26%       5.64%
SENIOR SECURITIES:
Total Preferred Shares Outstanding......................    1,800       1,800       1,800
Asset Coverage Per Preferred Share (f)..................  $66,224     $65,061     $64,811
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) Net Asset Value at April 30, 1993, is adjusted for common and preferred
    share offering costs of $.313 per common share.

(b) 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.

(c) 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. The effect
    of this change for the year ended October 31, 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 .08%. Per share,
    ratios and supplemental data for periods prior to October 31, 2002 have not
    been restated to reflect this change in presentation.

(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.

                                        15
<PAGE>

<Table>
<Caption>
                                                                                 APRIL 30, 1993
                                                                                 (COMMENCEMENT
YEAR ENDED OCTOBER 31,                                                           OF INVESTMENT
-----------------------------------------------------------------------------    OPERATIONS) TO
     2000       1999       1998       1997       1996       1995       1994     OCTOBER 31, 1993
------------------------------------------------------------------------------------------------
<S> <C>       <C>        <C>        <C>        <C>        <C>        <C>        <C>
    $ 14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57   $  15.67       $  14.69
    -------   --------   --------   --------   --------   --------   --------       --------
       1.15       1.12       1.13       1.13       1.13       1.14       1.14            .43
        .52      (1.57)       .49        .62        .13       2.19      (3.13)           .90
       (.42)      (.33)      (.35)      (.35)      (.36)      (.40)      (.28)          (.07)
        -0-        -0-        -0-        -0-        -0-        -0-        -0-**          -0-
    -------   --------   --------   --------   --------   --------   --------       --------
       1.25       (.78)      1.27       1.40        .90       2.93      (2.27)          1.26
       (.78)      (.78)      (.77)      (.75)      (.75)      (.82)      (.82)          (.28)
        -0-        -0-        -0-        -0-        -0-        -0-       (.01)           -0-
    -------   --------   --------   --------   --------   --------   --------       --------
    $ 14.89   $  14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57       $  15.67
    =======   ========   ========   ========   ========   ========   ========       ========
    $ 12.25   $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50   $ 10.375       $ 14.875
      4.82%    -11.99%     15.59%     14.26%      7.17%     28.60%    -25.61%          1.00%*
    $  66.5   $   64.4   $   71.4   $   69.2   $   66.3   $   65.6   $   56.2       $   70.0
      1.92%      1.87%      1.83%      1.91%      1.97%      2.03%      1.98%          1.55%
      7.93%      7.23%      7.17%      7.51%      7.70%      8.27%      8.00%          5.67%
        21%        28%         7%         9%        27%        43%        53%             9%*
      1.13%      1.13%      1.12%      1.14%      1.17%      1.17%      1.16%          1.14%
      5.04%      5.13%      4.93%      5.15%      5.24%      5.35%      6.09%          4.75%
      1,800      1,800        900        900        900        900        900            900
    $61,970   $ 60,800   $129,330   $126,872   $123,646   $122,900   $112,433       $127,819
    $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000       $ 50,000
    $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000       $ 50,000
</Table>

See Notes to Financial Statements

                                        16
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2003 (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, 2003, the Trust had
$2,693,845 of when-issued and delayed delivery purchase commitments.

                                        17
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2003 (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.

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, 2002, the Trust had an accumulated capital loss carryforward for tax
purposes of $1,845,346, which will expire between October 31, 2003 and October
31, 2007. Of this amount, $1,657,295 will expire on October 31, 2003.

    At April 30, 2003, the cost and related gross unrealized appreciation and
depreciation are as follows:

<Table>
<S>                                                             <C>
Cost of investments for tax purposes........................    $109,164,030
                                                                ============
Gross tax unrealized appreciation...........................    $  9,445,256
Gross tax unrealized deprecation............................          (2,028)
                                                                ------------
Net tax unrealized appreciation on investments..............    $  9,443,228
                                                                ============
</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.

    The tax character of distributions paid during the year ended October 31,
2002 was as follows:

<Table>
<Caption>
                                                                  2002
<S>                                                             <C>
Distributions paid from:
  Ordinary income...........................................    $179,047
  Long-term capital gain....................................         -0-
                                                                --------
                                                                $179,047
                                                                ========
</Table>

                                        18
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2003 (Unaudited)

    As of October 31, 2002, the components of distributable earnings on a tax
basis were as follows:

<Table>
<S>                                                             <C>
Undistributed ordinary income...............................    $15,447
Undistributed long-term capital gain........................        -0-
</Table>

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. 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, 2003, the Trust recognized expenses of
approximately $3,100 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, 2003, the Trust recognized expenses of approximately $13,100
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
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.

                                        19
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

April 30, 2003 (Unaudited)

3. CAPITAL TRANSACTIONS

At April 30, 2003 and October 31, 2002, paid in surplus related to common shares
aggregated $64,627,048.

    Transactions in common shares were as follows:

<Table>
<Caption>
                                                    SIX MONTHS ENDED       YEAR ENDED
                                                     APRIL 30, 2003     OCTOBER 31, 2002
<S>                                                 <C>                 <C>
Beginning Shares..................................     4,472,625           4,468,924
Shares Issued Through Dividend Reinvestment.......           -0-               3,701
                                                       ---------           ---------
Ending Shares.....................................     4,472,625           4,472,625
                                                       =========           =========
</Table>

4. INVESTMENT TRANSACTIONS

During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $14,474,053 and $13,797,247,
respectively.

5. 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, 2003 was 1.150%. During the six
months ended April 30, 2003, the rates ranged from 0.900% to 1.600%.

    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.

6. DERIVATIVE FINANCIAL INSTRUMENTS

A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.

    The Trust may seek to manage the portfolio's interest rate exposure in a
changing interest rate environment by engaging in transactions involving
interest rate swaps, caps, floors or collars. The Trust expects to enter into
these transactions primarily as a hedge against anticipated interest rate or
fixed-income market changes, for duration management purposes or for risk
management purposes but may also enter into these transactions to generate
additional income. Risks may arise as a result of the potential inability of the
counterparties to meet the terms of their contracts or agreements. During the
six months ended April 30, 2003, the Trust did not enter into any of these
transactions.

                                        20
<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 ADVISOR

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.

                                        21
<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)2003 Van Kampen Funds Inc. All rights reserved.
VPV SAR 6/03                                                   Member NASD/SIPC.
                                                                11165F03-AS-6/03
<PAGE>
Item 2.  Code of Ethics.

Not applicable for semi-annual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5.  Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6.  [Reserved.]

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable for semi-annual reports.

Item 8.  [Reserved.]

Item 9.

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-CSR
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.

There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.

Item 10.  Exhibits.

(a)  Code of Ethics - Not applicable for semi-annual reports.

(b) Certifications of Principal Executive Officer and Principal Financial
Officer attached hereto as part of EX-99.CERT.

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Van Kampen Pennsylvania Value Municipal Income Trust
             -------------------------------------------------------------------

By: /s/ Ronald E. Robison
    ----------------------------------------------------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 23, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

By: /s/ Ronald E. Robison
    ----------------------------------------------------------------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 23, 2003

By: /s/ John L. Sullivan
    ----------------------------------------------------------------------------
Name: John Sullivan
Title: Principal Financial Officer
Date: June 23, 2003


</TEXT>
</DOCUMENT>
