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<SEC-DOCUMENT>0000950137-03-006527.txt : 20031230
<SEC-HEADER>0000950137-03-006527.hdr.sgml : 20031230
<ACCEPTANCE-DATETIME>20031230172846
ACCESSION NUMBER:		0000950137-03-006527
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031230
EFFECTIVENESS DATE:		20031230

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07398
		FILM NUMBER:		031078483

	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-CSR
<SEQUENCE>1
<FILENAME>c80897nvcsr.txt
<DESCRIPTION>ANNUAL 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

Date of reporting period: 10/31/03

<PAGE>

Item 1. Report to Shareholders

       Welcome, Shareholder

       In this report, you'll learn about how your investment in Van Kampen
       Pennsylvania Value Municipal Income Trust performed during the annual
       period. The portfolio management team will provide an overview of the
       market conditions and discuss some of the factors that affected
       investment performance during the reporting period. In addition, this
       report includes the trust's financial statements and a list of trust
       investments as of October 31, 2003.

       Market forecasts provided in this report may not necessarily come to
       pass. There is no assurance that the trust will achieve its investment
       objective. The trust is subject to market risk, which is the possibility
       that the market values of securities owned by the trust will decline and,
       therefore, the value of the trust shares may be less than what you paid
       for them. Accordingly, you can lose money investing in this trust.

       NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
<PAGE>

Performance Summary

<Table>
<Caption>
PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
SYMBOL: VPV
- -------------------------------------------------------
AVERAGE ANNUAL                 BASED ON      BASED ON
TOTAL RETURNS                    NAV       MARKET PRICE
<S>                            <C>         <C>

Since Inception (4/30/93)       6.93%         6.77%

10-year                         6.56          7.02

5-year                          6.55          7.79

1-year                          7.26          8.07
- -------------------------------------------------------
</Table>

Past performance is no guarantee of future results. Investment return, net asset
value (NAV) and common share market price 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. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities, by the total number of common shares outstanding. The common share
market price is 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. Total return assumes an
investment at the beginning of the period, reinvestment of all distributions for
the period in accordance with the trust's dividend reinvestment plan, and sale
of all shares at the end of the period.

The Lehman Brothers Pennsylvania Municipal Bond Index is a broad-based
statistical composite of Pennsylvania municipal bonds. The index is unmanaged
and does not include any sales charges or fees. Such costs would lower
performance. It is not possible to invest directly in an index.

                                                                               1
<PAGE>

Trust Report

FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2003

Van Kampen Pennsylvania Value Municipal Income Trust is managed by the adviser's
Municipal Fixed Income team.(1) Current members include Dennis Pietrzak,
Executive Director; Robert Wimmel, Vice President; and John Reynoldson,
Executive Director.

MARKET CONDITIONS

The economic backdrop for the 12 months ended October 31 was largely
characterized by the persistent weakness of the U.S. economy. One of the most
closely watched economic indicators, employment strength, was in negative
territory for much of the period. Repeated comments from government and
private-sector economists suggesting that the U.S. economy might be entering a
deflationary period also seemed to weigh heavily on the minds of investors over
the course of the year. At the same time, ongoing budgetary and fiscal
difficulties at the state and local level contributed to ratings downgrades for
many municipal bonds. The Federal Reserve Board (the Fed) attempted to allay
these fears and keep the economy moving in the right direction by cutting the
Fed Funds target rate twice during the period to a level of 1.00 percent.
Although the stock markets appeared to look past the sluggish economic data,
bonds, in general, were hampered.

While yields on intermediate- and long-term bonds ended the period roughly where
they began, the road between those two points was decidedly bumpy. The 12-month
period can be divided into two distinct market environments. The first of these,
which lasted from October 2002 to mid-June 2003, saw municipal yields fall by
roughly 80 basis points to levels not seen since the late 1960s. These
plummeting yields led to a surge in issuance as municipalities moved to lock in
low financing and, in the case of older bonds, low refinancing costs. These
record levels of supply met with substantial demand as investors in search of
relative stability poured cash into municipal bond funds. Demand for municipal
bonds was also strong from so-called "cross-over" buyers--investors who
traditionally favor taxable investments, but were drawn to the relatively
attractive yields of municipal bonds.

The municipal market reversed abruptly in mid-June, when yields began to climb
from their lows. Investors during this phase shifted their attention to the
advancing equity market, which reduced demand for municipal bonds. Interest from
cross-over investors also evaporated as the relative attractiveness of the
taxable market returned. Issuance remained strong throughout this leg of the
period, though it abated somewhat in the last three months of the reporting
year. These forces combined to drive municipal bond yields off of their historic
lows, ending the period where they began.

(1)Team members may change without notice at any time.

 2
<PAGE>

Pennsylvania's market has historically seen a substantial portion of its
issuance come from the public and higher-education sectors, and this trend
continued throughout the reporting period. Lured by low interest rates,
educational issuers moved to secure low financing costs by issuing new debt and
refinancing older, higher-coupon bonds at lower rates. This activity kept the
issuance pipeline full, though the small size of many of the deals continued to
pose a challenge for Pennsylvania investors.

PERFORMANCE ANALYSIS

The trust's return can be calculated based upon either the market price or the
net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the trust's portfolio securities, cash and other assets, less all
liabilities, by the total number of common shares outstanding, while market
price reflects the supply and demand for the shares. As a result, the two
returns can differ significantly. On both a market price and an NAV basis, the
trust outperformed its benchmark, the Lehman Brothers Pennsylvania Municipal
Bond Index. (See table below.)

The trust's holdings of airport bonds benefited from strong price appreciation
in the sector, which experienced its first solid gains since September 11, 2001.
Our strategy of avoiding housing bonds also helped the trust; the sector
performed poorly amidst record levels of mortgage refinancing activity.

The trust uses leverage to enhance its dividend to common shareholders. The
trust borrows money at short-term rates through the issuance of preferred
shares. The proceeds are invested in longer-term securities, taking advantage of
the difference between short- and longer-term rates. With short-term rates at
historic lows during the period, the difference between short- and longer-term
rates was relatively high. This made using leverage a particularly profitable
approach during the period, and added to the trust's strong performance.

While the trust outperformed its benchmark, not all of its positions performed
strongly over the entire period in question. With interest rates falling to such
low levels, our analysis showed an increasing possibility of a damaging upward
shift in interest rates. We positioned the trust defensively by maintaining a
duration (a measure of interest-rate sensitivity) that was approximately
one-half year shorter than that of the benchmark during the period. This
position helped

TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2003

<Table>
<Caption>
- ------------------------------------------------------------------
      BASED ON     BASED ON     LEHMAN BROTHERS PENNSYLVANIA
        NAV      MARKET PRICE       MUNICIPAL BOND INDEX
<S>   <C>        <C>            <C>                          <C>

       7.26%        8.07%                  5.31%
- ------------------------------------------------------------------
</Table>

Past performance is no guarantee of future results. Investment return, net asset
value and common share market price will fluctuate and trust shares, when sold,
may be worth more or less than their original cost. See Performance Summary for
additional performance information.

                                                                               3
<PAGE>

the trust when rates climbed, but kept it from fully participating in the bond
market rally earlier in the period.

We were equally defensive in managing the portfolio's maturity structure. Given
the steepness of the yield curve for much of the period (steepness is a measure
of the difference in yields between long- and short-maturity securities), we
focused on a strategy designed to outperform in a curve-flattening environment.
We purchased premium bonds in the 15- to 22-year range that were priced to
10-year call dates. These bonds offer attractive yields compared to bonds with
similar interest-rate risk. We sold bonds in the 2- to 10-year range as well as
sub-5 percent coupons on the long end of the curve, both areas of the curve that
we feel will underperform when short rates rise. This curve flattening did not
occur as early as we anticipated, however, and the strategy hampered performance
when short rates fell in the first part of the period. However, when long-bond
yields rose in the latter part of the period, our emphasis on defensive bonds in
the 15- to 22-year range helped to preserve principal.

During the period, many municipalities in Pennsylvania faced budget shortfalls
and potential credit downgrades. In this challenging environment, we emphasized
the highest credit-quality tiers of the state's municipal bond market. As of
October 31, 2003, approximately two-thirds of the trust's long-term investments
were invested in bonds rated AAA, the highest credit quality available. We will
continue with our disciplined investment approach, monitoring the market closely
for compelling opportunities.

PROXY VOTING POLICIES AND PROCEDURES

       A description of the trust's policies and procedures with respect to the
       voting of proxies relating to the trust's portfolio securities is
       available without charge, upon request, by calling 1-800-847-2424. This
       information is also available on the Securities and Exchange Commission's
       website at http://www.sec.gov.

<Table>
<S>                                         <C>
TOP 5 SECTORS AS OF 10/31/03                RATINGS ALLOCATION AS OF 10/31/03
Higher Education              19.6%         AAA/Aaa                        66.9%
Health Care                   15.1          AA/Aa                          13.9
Single-Family Housing         12.3          A/A                             7.9
Public Education              12.1          BBB/Baa                        11.3
General Purpose               11.9
</Table>

Subject to change daily. All percentages are as a percentage of long-term
investments. Provided for informational purposes only and should not be deemed
as a recommendation to buy securities in the sectors shown above. Securities are
classified by sectors that represent broad groupings of related industries.
Rating allocations based upon ratings as issued by Standard and Poor's and
Moody's, respectively. Morgan Stanley is a full-service securities firm engaged
in securities trading and brokerage activities, investment banking, research and
analysis, financing and financial advisory services.

 4
<PAGE>

                                               BY THE NUMBERS

YOUR TRUST'S INVESTMENTS

October 31, 2003
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 158.6%
          PENNSYLVANIA 148.1%
$1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl
          Arpt Rfdg (FGIC Insd)........................        5.750%  01/01/18   $  1,056,650
 1,360    Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys
          Ser A (MBIA Insd)............................        6.500   11/15/30      1,568,910
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Trans
          (Prerefunded @ 03/01/09) (MBIA Insd).........        6.000   03/01/24      2,351,980
   975    Allegheny Cnty, PA Residential Mtg Single
          Family Ser KK-2 (GNMA Collateralized)........        5.750   05/01/33      1,002,027
 1,525    Allegheny Cnty, PA Residential Mtg Single
          Family Ser MM (GNMA Collateralized) (a)......  4.000/5.200   05/01/33      1,493,463
 1,000    Allegheny Cnty, PA San Auth Swr Rev (MBIA
          Insd)........................................        5.500   12/01/24      1,064,580
 2,600    Allentown, PA Area Hosp Auth Rev Sacred Heart
          Hosp of Allentown Ser A Rfdg.................        6.750   11/15/14      2,591,914
 2,580    Bensalem Twp, PA Sch Dist (FGIC Insd)........        5.000   08/15/17      2,731,188
 2,775    Bensalem Twp, PA Sch Dist (FGIC Insd)........        5.000   08/15/20      2,875,649
 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      2,398,000
 1,000    Canon McMillan Sch Dist PA Ser B (FGIC
          Insd)........................................        5.500   12/01/29      1,064,530
   945    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (LOC: Paribas & Union Bk of
          CA Intl).....................................        6.650   05/01/10      1,015,724
 1,500    Chichester Sch Dist PA (FGIC Insd)...........      *         03/01/19        724,275
 1,000    Cumberland Cnty, PA Muni Auth Dickinson
          College Ser A (AMBAC Insd)...................        5.500   11/01/30      1,065,660
 1,000    Delaware Cnty, PA Auth College Neumann
          College Rfdg.................................        6.000   10/01/31      1,017,250
 1,000    Delaware Cnty, PA Auth Hosp Rev Crozer
          Chester Med Ctr..............................        6.000   12/15/09      1,021,610
 1,500    Delaware Vly, PA Regl Fin Auth...............        5.750   07/01/17      1,717,050
 2,000    Lehigh Cnty, PA Gen Purp Auth Cedar Crest
          College Rfdg.................................        6.700   04/01/26      2,076,600
 1,000    Luzerne Cnty, PA Ser A (MBIA Insd)...........        5.250   11/15/25      1,038,980
 5,000    Lycoming Cnty, PA Auth College Rev PA College
          of Technology (AMBAC Insd)...................        5.375   07/01/30      5,195,300
 1,000    Mercer Cnty, PA (FGIC Insd)..................        5.500   10/01/15      1,118,150
</Table>

See Notes to Financial Statements                                              5
<PAGE>

YOUR TRUST'S INVESTMENTS

October 31, 2003

<Table>
<Caption>
PAR
AMOUNT                                                                               MARKET
(000)     DESCRIPTION                                      COUPON      MATURITY      VALUE
<C>       <S>                                           <C>            <C>        <C>
          PENNSYLVANIA (CONTINUED)
$1,000    Mifflin Cnty, PA Hosp Auth (Radian Insd).....        6.200%  07/01/25   $  1,104,850
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr..........................................        6.000   01/01/43      1,002,010
 1,150    Monroeville, PA Muni Auth San Swr Rev Ser B
          (MBIA Insd)..................................        5.250   12/01/17      1,246,232
 1,500    Montgomery Cnty, PA Higher Edl & Hlth Auth
          Hosp Rev Abington Mem Hosp Ser A.............        5.125   06/01/32      1,445,475
   900    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)..............        5.250   11/01/14      1,001,448
 1,225    Northampton Twp, PA (FGIC Insd)..............        5.375   05/15/15      1,349,582
 1,735    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 40.......................................        6.900   04/01/25      1,776,657
 3,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 41B Rfdg.................................        6.450   10/01/12      3,039,150
 1,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 53A......................................        6.050   04/01/18      1,045,660
 2,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 54A Rfdg (FHA/VA Gtd)....................        6.050   10/01/16      2,094,880
 1,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 56A (FHA/VA Gtd).........................        6.050   10/01/16      1,051,770
 1,500    Pennsylvania Intergvtl Coop Auth Spl Tax Rev
          Philadelphia Fdg Pgm Rfdg (FGIC Insd)........        5.500   06/15/20      1,610,985
 1,000    Pennsylvania St Higher Edl Fac Auth College &
          Univ Rev Bryn Mawr College (MBIA Insd).......        5.625   12/01/17      1,114,850
 1,000    Pennsylvania St Higher Edl Fac Auth Rev
          Drexel Univ..................................        5.500   05/01/17      1,079,100
 1,000    Pennsylvania St Higher Edl Fac Auth Rev La
          Salle Univ...................................        5.500   05/01/34      1,002,270
 1,000    Pennsylvania St Higher Edl Fac Messiah
          College Ser AA3 (Radian Insd)................        5.500   11/01/22      1,057,120
 1,645    Pennsylvania St Higher Edl Fac Philadelphia
          College Osteopathic Med......................        5.000   12/01/17      1,705,865
 1,725    Pennsylvania St Higher Edl Fac Philadelphia
          College Osteopathic Med......................        5.000   12/01/18      1,777,130
 1,000    Pennsylvania St Higher Edl Fac Rev Thomas
          Jefferson Univ...............................        5.375   01/01/25      1,039,540
 2,000    Pennsylvania St Higher Edl UPMC Hlth Sys Ser
          A............................................        6.000   01/15/31      2,081,880
 1,000    Pennsylvania St Indl Dev Auth Econ Dev (AMBAC
          Insd)........................................        5.500   07/01/14      1,120,280
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg (FGIC
          Insd)........................................        5.500   12/01/10      3,468,004
 2,000    Pennsylvania St Tpk Commn Tpk Rev Ser R
          (AMBAC Insd).................................        5.000   12/01/26      2,026,000
</Table>

 6                                             See Notes to Financial Statements
<PAGE>

YOUR TRUST'S INVESTMENTS

October 31, 2003

<Table>
<Caption>
PAR
AMOUNT                                                                               MARKET
(000)     DESCRIPTION                                      COUPON      MATURITY      VALUE
<C>       <S>                                           <C>            <C>        <C>
          PENNSYLVANIA (CONTINUED)
$2,000    Philadelphia, PA Auth for Indl Dev Rev
          Rfdg.........................................        5.500%  07/01/10   $  2,042,860
 1,000    Philadelphia, PA Auth Indl Dev Amern College
          Of Physicians................................        5.500   06/15/27      1,032,840
 1,000    Philadelphia, PA Hosp & Higher Edl Fac Auth
          Hosp Rev PA Hosp Rfdg (Escrowed to
          Maturity)....................................        6.250   07/01/06      1,116,020
 1,455    Philadelphia, PA Hosp & Higher Edl Fac Auth
          Rev Cmnty College Ser B Rfdg (MBIA Insd).....        6.500   05/01/09      1,722,123
 2,000    Philadelphia, PA Sch Dist Ser B (AMBAC
          Insd)........................................        5.500   09/01/18      2,149,140
 3,000    Philadelphia, PA Ser A Rfdg (FGIC Insd)......        6.250   11/15/04      3,157,140
 3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg
          (AMBAC Insd).................................        5.500   06/15/07      4,110,451
 4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............        5.000   02/01/24      4,549,725
 1,000    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg.........................................        6.500   10/01/23      1,021,020
 1,600    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg (GNMA Collateralized)...................        5.700   04/01/30      1,632,272
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................        5.375   05/15/28      1,044,720
 1,000    State Pub Sch Bldg Auth PA Delaware Cnty
          College Proj (MBIA Insd).....................        5.750   10/01/16      1,131,880
 1,000    State Pub Sch Bldg Auth PA Sch Rev Conneaut
          Sch Dist Proj (FGIC Insd)....................        5.250   11/01/19      1,074,450
 1,000    Susquehanna Area Regl Arpt Auth PA Ser A
          (AMBAC Insd).................................        5.375   01/01/21      1,034,150
 1,000    Susquehanna Area Regl Arpt Auth PA Ser D.....        5.375   01/01/18        979,070
 1,500    Washington Cnty, PA Auth Rev Cap Fdg Cap Proj
          & Equip Pgm (AMBAC Insd).....................        6.150   12/01/29      1,743,225
 1,350    Washington Cnty, PA Ser A (AMBAC Insd).......        5.125   09/01/27      1,377,500
 1,000    Wayne Highlands, PA Sch Dist (FSA Insd)......        5.375   04/01/14      1,105,310
 1,000    Wilson, PA Area Sch Dist (FGIC Insd).........        5.125   03/15/16      1,079,100
 1,100    York Cnty, PA (AMBAC Insd) (b)...............        5.000   06/01/19      1,150,677
   500    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................        5.500   02/15/22        538,565
 1,000    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................        5.500   02/15/23      1,070,850
                                                                                  ------------
                                                                                   107,293,316
                                                                                  ------------
          GUAM  2.3%
 1,585    Guam Intl Arpt Auth Gen Ser B (MBIA Insd)....        5.250   10/01/21      1,683,761
                                                                                  ------------
</Table>

See Notes to Financial Statements                                              7
<PAGE>

YOUR TRUST'S INVESTMENTS

October 31, 2003

<Table>
<Caption>
PAR
AMOUNT                                                                               MARKET
(000)     DESCRIPTION                                      COUPON      MATURITY      VALUE
<C>       <S>                                           <C>            <C>        <C>
          PUERTO RICO  6.7%
$4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev
          Ser Y Rfdg (FSA Insd)........................        6.250%  07/01/21   $  4,876,920
                                                                                  ------------

          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      1,106,070
                                                                                  ------------
TOTAL LONG-TERM INVESTMENTS  158.6%
  (Cost $108,510,362)..........................................................    114,960,067
SHORT-TERM INVESTMENTS  2.9%
  (Cost $2,100,000)............................................................      2,100,000
                                                                                  ------------
TOTAL INVESTMENTS  161.5%
  (Cost $110,610,362)..........................................................    117,060,067
OTHER ASSETS IN EXCESS OF LIABILITIES  0.6%....................................        405,882
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (62.1%)....................    (45,002,340)
                                                                                  ------------

NET ASSETS APPLICABLE TO COMMON SHARES  100.0%.................................   $ 72,463,609
                                                                                  ============
</Table>

*   Zero coupon bond

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

(b) Security purchased on a when-issued or delayed delivery basis.

AMBAC--AMBAC Indemnity Corp.

FGIC--Financial Guaranty Insurance Co.

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.

Radian--Radian Asset Assurance

 8                                             See Notes to Financial Statements
<PAGE>

FINANCIAL STATEMENTS
Statement of Assets and Liabilities
October 31, 2003

<Table>
<S>                                                           <C>
ASSETS:
Total Investments (Cost $110,610,362).......................  $117,060,067
Cash........................................................        12,316
Receivables:
  Interest..................................................     1,847,518
  Investments Sold..........................................        10,000
Other.......................................................         2,262
                                                              ------------
    Total Assets............................................   118,932,163
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,160,615
  Investment Advisory Fee...................................        59,701
  Income Distributions--Common Shares.......................        17,537
  Affiliates................................................         5,371
  Administrative Fee........................................         4,975
Trustees' Deferred Compensation and Retirement Plans........       162,416
Accrued Expenses............................................        55,599
                                                              ------------
    Total Liabilities.......................................     1,466,214
Preferred Shares (including accrued distributions)..........    45,002,340
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 72,463,609
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($72,463,609 divided by
  4,473,660 shares outstanding).............................  $      16.20
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,473,660 shares issued and
  outstanding)..............................................  $     44,737
Paid in Surplus.............................................    64,644,252
Net Unrealized Appreciation.................................     6,449,705
Accumulated Undistributed Net Investment Income.............       811,533
Accumulated Net Realized Gain...............................       513,382
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 72,463,609
                                                              ============
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.......................  $117,463,609
                                                              ============
</Table>

See Notes to Financial Statements                                              9
<PAGE>

Statement of Operations
For the Year Ended October 31, 2003

<Table>
<S>                                                           <C>
INVESTMENT INCOME:
Interest....................................................  $ 6,052,778
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................      708,204
Preferred Share Maintenance.................................      133,660
Administrative Fee..........................................       59,016
Trustees' Fees and Related Expenses.........................       43,283
Legal.......................................................       22,365
Custody.....................................................        7,713
Other.......................................................      142,064
                                                              -----------
    Total Expenses..........................................    1,116,305
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 4,936,473
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $ 2,358,286
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................    8,307,151
  End of the Period.........................................    6,449,705
                                                              -----------
Net Unrealized Depreciation During the Period...............   (1,857,446)
                                                              -----------
NET REALIZED AND UNREALIZED GAIN............................  $   500,840
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (458,900)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $ 4,978,413
                                                              ===========
</Table>

 10                                            See Notes to Financial Statements
<PAGE>

Statements of Changes in Net Assets

<Table>
<Caption>
                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2003    OCTOBER 31, 2002
                                                          ------------------------------------
<S>                                                       <C>                 <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...................................    $ 4,936,473         $ 5,123,267
Net Realized Gain.......................................      2,358,286             534,357
Net Unrealized Depreciation During the Period...........     (1,857,446)           (145,741)
Distributions to Preferred Shareholders:
  Net Investment Income.................................       (458,900)           (680,734)
                                                            -----------         -----------
Change in Net Assets Applicable to Common Shares from
  Operations............................................      4,978,413           4,831,149

Distributions to Common Shareholders:
  Net Investment Income.................................     (4,640,249)         (4,442,637)
                                                            -----------         -----------

NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
  FROM INVESTMENT ACTIVITIES............................        338,164             388,512
                                                            -----------         -----------

FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment..........................................         17,374              59,550
                                                            -----------         -----------
TOTAL INCREASE IN NET ASSETS APPLICABLE TO COMMON
  SHARES................................................        355,538             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 $811,533 and $974,492,
  respectively).........................................    $72,463,609         $72,108,071
                                                            ===========         ===========
</Table>

See Notes to Financial Statements                                             11
<PAGE>

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

<Table>
<Caption>
                                                              ------------------------------
                                                               2003      2002 (b)     2001
                                                              ------------------------------
<S>                                                           <C>        <C>         <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 16.12    $ 16.04     $ 14.89
                                                              -------    -------     -------
  Net Investment Income.....................................     1.10       1.14        1.21
  Net Realized and Unrealized Gain/Loss.....................      .12        .08        1.07
  Common Share Equivalent of Distributions Paid to Preferred
    Shareholders:
    Net Investment Income...................................     (.10)      (.15)      (.33)
    Net Realized Gain.......................................      -0-        -0-         -0-
                                                              -------    -------     -------
Total from Investment Operations............................     1.12       1.07        1.95
Distributions Paid to Common Shareholders:
    Net Investment Income...................................    (1.04)      (.99)      (.80)
    Net Realized Gain.......................................      -0-        -0-         -0-
                                                              -------    -------     -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 16.20    $ 16.12     $ 16.04
                                                              =======    =======     =======

Common Share Market Price at End of the Period..............  $ 16.05    $ 15.85     $ 15.11
Total Return (a)............................................    8.07%     11.76%      30.60%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $  72.5    $  72.1     $  71.7
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................    1.53%      1.60%       1.83%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    6.76%      7.22%       7.78%
Portfolio Turnover..........................................      23%        16%         20%

SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................     .95%       .98%       1.11%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................    6.13%      6.26%       5.64%

SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    1,800      1,800       1,800
Asset Coverage Per Preferred Share (e)......................  $65,259    $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>

*  Amount is less than .01.

(a)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.

(b)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.

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

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

(e)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.

 12
<PAGE>

<Table>
<Caption>
YEAR ENDED OCTOBER 31,
- -----------------------------------------------------------------------------
     2000       1999       1998       1997       1996       1995       1994
- -----------------------------------------------------------------------------
<S> <C>       <C>        <C>        <C>        <C>        <C>        <C>
    $ 14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57   $  15.67
    -------   --------   --------   --------   --------   --------   --------
       1.15       1.12       1.13       1.13       1.13       1.14       1.14
        .52      (1.57)       .49        .62        .13       2.19      (3.13)
       (.42)      (.33)      (.35)      (.35)      (.36)      (.40)      (.28)
        -0-        -0-        -0-        -0-        -0-        -0-        -0-*
    -------   --------   --------   --------   --------   --------   --------
       1.25       (.78)      1.27       1.40        .90       2.93      (2.27)
       (.78)      (.78)      (.77)      (.75)      (.75)      (.82)      (.82)
        -0-        -0-        -0-        -0-        -0-        -0-       (.01)
    -------   --------   --------   --------   --------   --------   --------
    $ 14.89   $  14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57
    =======   ========   ========   ========   ========   ========   ========

    $ 12.25   $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50   $ 10.375
      4.82%    -11.99%     15.59%     14.26%      7.17%     28.60%    -25.61%
    $  66.5   $   64.4   $   71.4   $   69.2   $   66.3   $   65.6   $   56.2
      1.92%      1.87%      1.83%      1.91%      1.97%      2.03%      1.98%
      7.93%      7.23%      7.17%      7.51%      7.70%      8.27%      8.00%
        21%        28%         7%         9%        27%        43%        53%

      1.13%      1.13%      1.12%      1.14%      1.17%      1.17%      1.16%
      5.04%      5.13%      4.93%      5.15%      5.24%      5.35%      6.09%

      1,800      1,800        900        900        900        900        900
    $61,970   $ 60,800   $129,330   $126,872   $123,646   $122,900   $112,433
    $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
    $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
</Table>

See Notes to Financial Statements                                             13
<PAGE>

NOTES TO
FINANCIAL STATEMENTS

October 31, 2003

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
segregate assets with the custodian 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 October 31, 2003, the Trust had $1,160,615 of when-issued
and delayed delivery purchase commitments.

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.

 14
<PAGE>

NOTES TO FINANCIAL STATEMENTS

October 31, 2003

    At October 31, 2003, the cost and related gross unrealized appreciation and
depreciation are as follows:

<Table>
<S>                                                           <C>
Cost of investments for tax purposes........................  $110,479,902
                                                              ============
Gross tax unrealized appreciation...........................  $  6,879,389
Gross tax unrealized depreciation...........................      (299,224)
                                                              ------------
Net tax unrealized appreciation on investments..............  $  6,580,165
                                                              ============
</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 years ended October 31,
2003 and 2002 was as follows:

<Table>
<Caption>
                                                               2003        2002
<S>                                                           <C>        <C>
Distributions paid from:
  Ordinary income...........................................  $15,447    $179,047
</Table>

    Due to inherent differences in the recognition of income, expenses, and
realized gains/ losses under accounting principles generally accepted in the
United States of America and federal income tax purposes, permanent differences
between book and tax basis reporting for the 2003 fiscal year have been
identified and appropriately reclassified on the Statement of Assets and
Liabilities. Permanent book and tax differences relating to expenses which are
not deductible for tax purposes totaling $159 were reclassified from accumulated
undistributed net investment income to paid in surplus. Also, a permanent
difference of $442 relating to book to tax accretion differences was
reclassified from accumulated undistributed net investment income to accumulated
net realized gain.

    As of October 31, 2003, the components of distributable earnings on a tax
basis were as follows:

<Table>
<S>                                                           <C>
Undistributed ordinary income...............................  $255,535
Undistributed long-term capital gain........................   513,382
</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.

                                                                              15
<PAGE>

NOTES TO FINANCIAL STATEMENTS

October 31, 2003

    For the year ended October 31, 2003, the Trust recognized expenses of
approximately $9,000 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 year ended October
31, 2003, the Trust recognized expenses of approximately $27,800 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.

3. CAPITAL TRANSACTIONS

At October 31, 2003 and October 31, 2002, paid in surplus related to common
shares aggregated $64,644,252 and $64,627,048, respectively.

    Transactions in common shares were as follows:

<Table>
<Caption>
                                                             YEAR ENDED          YEAR ENDED
                                                          OCTOBER 31, 2003    OCTOBER 31, 2002
<S>                                                       <C>                 <C>
Beginning Shares........................................     4,472,625           4,468,924
Shares Issued Through Dividend Reinvestment.............         1,035               3,701
                                                             ---------           ---------
Ending Shares...........................................     4,473,660           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 $26,928,027 and 28,138,610, 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 October 31, 2003 was 0.950%. During the
year ended October 31, 2003, the rates ranged from 0.690% 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.

 16
<PAGE>

REPORT OF INDEPENDENT AUDITORS

To the Board of Trustees and Shareholders of Van Kampen Pennsylvania Value
Municipal Income Trust:

We have audited the accompanying statement of assets and liabilities of Van
Kampen Pennsylvania Value Municipal Income Trust (the "Trust"), including the
portfolio of investments, as of October 31, 2003, the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the four years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The Trust's financial highlights for
the periods ended prior to October 31, 2000, were audited by other auditors
whose report, dated December 9, 1999, expressed an unqualified opinion on those
financial highlights.

    We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2003, by correspondence with the Trust's
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

    In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of Van
Kampen Pennsylvania Value Municipal Income Trust as of October 31, 2003, the
results of its operations, the changes in its net assets and the financial
highlights for the respective stated periods, in conformity with accounting
principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Chicago, Illinois
December 8, 2003

                                                                              17
<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 the acquisition of fewer Common

 18
<PAGE>

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

                                                                              19
<PAGE>

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

BOARD OF TRUSTEES

DAVID C. ARCH
J. MILES BRANAGAN
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
MITCHELL M. MERIN*
THEODORE A. MYERS
JACK E. NELSON
RICHARD F. POWERS, III*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY

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

 For federal income tax purposes, the following information is furnished with
 respect to the distributions paid by the Trust during its taxable year ended
 October 31, 2003. The Trust designated 99.7% of the income distributions as a
 tax-exempt income distribution. In January, the Trust provides tax information
 to shareholders for the preceding calendar year.

*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.
 20
<PAGE>

RESULTS OF
SHAREHOLDER VOTES

The Annual Meeting of Shareholders of the Trust was held on June 24, 2003, where
shareholders voted on the election of trustees and the amendment to the
Declaration of Trust.

With regard to the election of the following trustees by common shareholders of
the Trust:

<Table>
<Caption>
                                                                      # OF SHARES
                                                             -----------------------------
                                                             IN FAVOR             WITHHELD
- ------------------------------------------------------------------------------------------
<S>                                                          <C>                  <C>
David C. Arch..............................................  3,859,613             33,879
Jerry D. Choate............................................  3,854,798             38,694
Linda Hutton Heagy.........................................  3,856,392             37,100
R. Craig Kennedy...........................................  3,856,148             37,344
Howard J Kerr..............................................  3,850,263             43,229
Suzanne H. Woolsey.........................................  3,855,548             37,944
</Table>

The other trustees of the Trust whose terms did not expire in 2003 are Rod
Dammeyer, Theodore A. Myers, Richard F. Powers, III, Hugo F. Sonnenschein and
Wayne W. Whalen.

With regard to the vote for the amendment to the Declaration of Trust by the
common shareholders of the Trust, 3,735,208 shares voted in favor of the
proposal, 126,764 shares voted against and 31,520 shares abstained.

                                                                              21
<PAGE>

TRUSTEES AND OFFICERS

The business and affairs of the Trust are managed under the direction of the
Trust's Board of Trustees and the Trust's officers appointed by the Board of
Trustees. The tables below list the trustees and executive officers of the Trust
and their principal occupations during the last five years, other directorships
held by trustees and their affiliations, if any, with Van Kampen Investments
Inc. ("Van Kampen Investments"), Van Kampen Investment Advisory Corp. ("Advisory
Corp."), Van Kampen Asset Management Inc. ("Asset Management"), Van Kampen Funds
Inc. (the "Distributor"), Van Kampen Advisors Inc., Van Kampen Exchange Corp.
and Van Kampen Investor Services Inc. ("Investor Services"). Advisory Corp. and
Asset Management sometimes are referred to herein collectively as the
"Advisers." The term "Fund Complex" includes each of the investment companies
advised by the Advisers or their affiliates as of the date of this Statement of
Additional Information. Trustees serve until reaching their retirement age or
until their successors are duly elected and qualified. Officers are annually
elected by the trustees.

INDEPENDENT TRUSTEES

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>
David C. Arch (58)            Trustee      Trustee     Chairman and Chief             90       Trustee/Director/Managing
Blistex Inc.                               since 1993  Executive Officer of                    General Partner of funds
1800 Swift Drive                                       Blistex Inc., a consumer                in the Fund Complex.
Oak Brook, IL 60523                                    health care products
                                                       manufacturer. Former
                                                       Director of the World
                                                       Presidents
                                                       Organization-Chicago
                                                       Chapter. Director of the
                                                       Heartland Alliance, a
                                                       nonprofit organization
                                                       serving human needs based
                                                       in Chicago.

J. Miles Branagan (71)        Trustee      Trustee     Private investor.              88       Trustee/Director/Managing
1632 Morning Mountain Road                 since 2003  Co-founder, and prior to                General Partner of funds
Raleigh, NC 27614                                      August 1996, Chairman,                  in the Fund Complex.
                                                       Chief Executive Officer
                                                       and President, MDT
                                                       Corporation (now known as
                                                       Getinge/Castle, Inc., a
                                                       subsidiary of Getinge
                                                       Industrier AB), a company
                                                       which develops,
                                                       manufactures, markets and
                                                       services medical and
                                                       scientific equipment.
</Table>

 22
<PAGE>

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>

Jerry D. Choate (65)          Trustee      Trustee     Prior to January 1999,         88       Trustee/Director/Managing
33971 Selva Road                           since 2003  Chairman and Chief                      General Partner of funds
Suite 130                                              Executive Officer of the                in the Fund Complex.
Dana Point, CA 92629                                   Allstate Corporation                    Director of Amgen Inc., a
                                                       ("Allstate") and Allstate               biotechnological company,
                                                       Insurance Company. Prior                and Director of Valero
                                                       to January 1995,                        Energy Corporation, an
                                                       President and Chief                     independent refining
                                                       Executive Officer of                    company.
                                                       Allstate. Prior to August
                                                       1994, various management
                                                       positions at Allstate.

Rod Dammeyer (63)             Trustee      Trustee     President of CAC, llc., a      90       Trustee/Director/Managing
CAC, llc.                                  since 1993  private company offering                General Partner of funds
4350 LaJolla Village Drive                             capital investment and                  in the Fund Complex.
Suite 980                                              management advisory                     Director of TeleTech
San Diego, CA 92122-6223                               services. Prior to July                 Holdings Inc.,
                                                       2000, Managing Partner of               Stericycle, Inc.,
                                                       Equity Group Corporate                  TheraSense, Inc., GATX
                                                       Investment (EGI), a                     Corporation, Arris Group,
                                                       company that makes                      Inc. and Trustee of the
                                                       private investments in                  University of Chicago
                                                       other companies.                        Hospitals and Health
                                                                                               Systems. Prior to May
                                                                                               2002, Director of
                                                                                               Peregrine Systems Inc.
                                                                                               Prior to February 2001,
                                                                                               Vice Chairman and
                                                                                               Director of Anixter
                                                                                               International, Inc. and
                                                                                               IMC Global Inc. Prior to
                                                                                               July 2000, Director of
                                                                                               Allied Riser
                                                                                               Communications Corp.,
                                                                                               Matria Healthcare Inc.,
                                                                                               Transmedia Networks,
                                                                                               Inc., CNA Surety, Corp.
                                                                                               and Grupo Azcarero Mexico
                                                                                               (GAM). Prior to April
                                                                                               1999, Director of Metal
                                                                                               Management, Inc.
</Table>

                                                                              23
<PAGE>

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>

Linda Hutton Heagy (55)       Trustee      Trustee     Managing Partner of            88       Trustee/Director/Managing
Heidrick & Struggles                       since 2003  Heidrick & Struggles, an                General Partner of funds
233 South Wacker Drive                                 executive search firm.                  in the Fund Complex.
Suite 7000                                             Trustee on the University
Chicago, IL 60606                                      of Chicago Hospitals
                                                       Board, Vice Chair of the
                                                       Board of the YMCA of
                                                       Metropolitan Chicago and
                                                       a member of the Women's
                                                       Board of the University
                                                       of Chicago. Prior to
                                                       1997, Partner of Ray &
                                                       Berndtson, Inc., an
                                                       executive recruiting
                                                       firm. Prior to 1996,
                                                       Trustee of The
                                                       International House
                                                       Board, a fellowship and
                                                       housing organization for
                                                       international graduate
                                                       students. Prior to 1995,
                                                       Executive Vice President
                                                       of ABN AMRO, N.A., a bank
                                                       holding company. Prior to
                                                       1992, Executive Vice
                                                       President of La Salle
                                                       National Bank.

R. Craig Kennedy (51)         Trustee      Trustee     Director and President of      88       Trustee/Director/Managing
11 DuPont Circle, N.W.                     since 2003  the German Marshall Fund                General Partner of funds
Washington, D.C. 20016                                 of the United States, an                in the Fund Complex.
                                                       independent U.S.
                                                       foundation created to
                                                       deepen understanding,
                                                       promote collaboration and
                                                       stimulate exchanges of
                                                       practical experience
                                                       between Americans and
                                                       Europeans. Formerly,
                                                       advisor to the Dennis
                                                       Trading Group Inc., a
                                                       managed futures and
                                                       option company that
                                                       invests money for
                                                       individuals and
                                                       institutions. Prior to
                                                       1992, President and Chief
                                                       Executive Officer,
                                                       Director and member of
                                                       the Investment Committee
                                                       of the Joyce Foundation,
                                                       a private foundation.

Howard J Kerr (68)            Trustee      Trustee     Prior to 1998, President       90       Trustee/Director/Managing
736 North Western Avenue                   since 1993  and Chief Executive                     General Partner of funds
P.O. Box 317                                           Officer of Pocklington                  in the Fund Complex.
Lake Forest, IL 60045                                  Corporation, Inc., an                   Director of the Lake
                                                       investment holding                      Forest Bank & Trust.
                                                       company. Director of the
                                                       Marrow Foundation.
</Table>

 24
<PAGE>

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>

Theodore A. Myers (73)        Trustee      Trustee     Financial consultant,          36       Director of Met Life
550 Washington Avenue                      since 1993  Trustee or Managing                     Investors (formerly knows
Glencoe, IL 60022                                      General Partner of other                as COVA Financial Life
                                                       funds in the Closed-End                 Insurance). Prior to
                                                       Fund Complex. Prior to                  1997, Director of McLouth
                                                       1998, Senior Financial                  Steel.
                                                       Advisor (and, prior to
                                                       1997, an Executive Vice
                                                       President, Chief
                                                       Financial Officer and
                                                       Director) of Qualitech
                                                       Steel Corporation, a
                                                       producer of high quality
                                                       engineered steels for
                                                       automotive,
                                                       transportation and
                                                       capital goods industries.
                                                       Prior to 1997, member of
                                                       the Arthur Andersen Chief
                                                       Financial Officers'
                                                       Advisory Committee.

Jack E. Nelson (67)           Trustee      Trustee     President of Nelson            88       Trustee/Director/Managing
423 Country Club Drive                     since 2003  Investment Planning                     General Partner of funds
Winter Park, FL 32789                                  Services, Inc., a                       in the Fund Complex.
                                                       financial planning
                                                       company and registered
                                                       investment adviser in the
                                                       State of Florida.
                                                       President of Nelson Ivest
                                                       Brokerage Services Inc.,
                                                       a member of the NASD,
                                                       Securities Investors
                                                       Protection Corp. and the
                                                       Municipal Securities
                                                       Rulemaking Board.
                                                       President of Nelson Sales
                                                       and Services Corporation,
                                                       a marketing and services
                                                       company to support
                                                       affiliated companies.

Hugo F. Sonnenschein (63)     Trustee      Trustee     President Emeritus and         90       Trustee/Director/Managing
1126 E. 59th Street                        since 1994  Honorary Trustee of the                 General Partner of funds
Chicago, IL 60637                                      University of Chicago and               in the Fund Complex.
                                                       the Adam Smith                          Director of Winston
                                                       Distinguished Service                   Laboratories, Inc.
                                                       Professor in the
                                                       Department of Economics
                                                       at the University of
                                                       Chicago. Prior to July
                                                       2000, President of the
                                                       University of Chicago.
                                                       Trustee of the University
                                                       of Rochester and a member
                                                       of its investment
                                                       committee. Member of the
                                                       National Academy of
                                                       Sciences, the American
                                                       Philosophical Society and
                                                       a fellow of the American
                                                       Academy of Arts and
                                                       Sciences.
</Table>

                                                                              25
<PAGE>

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INDEPENDENT TRUSTEE           TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>

Suzanne H. Woolsey (61)       Trustee      Trustee     Currently with Paladin         88       Trustee/Director/Managing
2101 Constitution Ave., N.W.               since 2003  Capital Group/Paladin                   General Partner of funds
Room 285                                               Homeland Security Fund.                 in the Fund Complex.
Washington, D.C. 20418                                 Previously Chief                        Director of Neurogen
                                                       Communications Officer of               Corporation, a
                                                       the National Academy of                 pharmaceutical company,
                                                       Sciences/National                       since January 1998.
                                                       Research Council, an
                                                       independent, federally
                                                       chartered policy
                                                       institution, since 2001
                                                       and Chief Operating
                                                       Officer from 1993 to
                                                       2001. Director of the
                                                       Institute for Defense
                                                       Analyses, a federally
                                                       funded research and
                                                       development center,
                                                       Director of the German
                                                       Marshall Fund of the
                                                       United States, and
                                                       Trustee of Colorado
                                                       College. Prior to 1993,
                                                       Executive Director of the
                                                       Commission on Behavioral
                                                       and Social Sciences and
                                                       Education at the National
                                                       Academy of
                                                       Sciences/National
                                                       Research Council. From
                                                       1980 through 1989,
                                                       Partner of Coopers &
                                                       Lybrand.
</Table>

 26
<PAGE>

INTERESTED TRUSTEES*

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>
Mitchell M. Merin* (50)       Trustee,     Trustee     President and Chief            88       Trustee/Director/Managing
1221 Avenue of the Americas   President    since 2002  Executive Officer of                    General Partner of funds
New York, NY 10020            and Chief                funds in the Fund                       in the Fund Complex.
                              Executive                Complex. Chairman,
                              Officer                  President, Chief
                                                       Executive Officer and
                                                       Director of the Advisers
                                                       and VK Advisors Inc.
                                                       since December 2002.
                                                       Chairman, President and
                                                       Chief Executive Officer
                                                       of Van Kampen Investments
                                                       since December 2002.
                                                       Director of Van Kampen
                                                       Investments since
                                                       December 1999. Chairman
                                                       and Director of Van
                                                       Kampen Funds Inc. since
                                                       December 2002. President,
                                                       Director and Chief
                                                       Operating Officer of
                                                       Morgan Stanley Investment
                                                       Management since December
                                                       1998. President and
                                                       Director since April 1997
                                                       and Chief Executive
                                                       Officer since June 1998
                                                       of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc.
                                                       Chairman, Chief Executive
                                                       Officer and Director of
                                                       Morgan Stanley
                                                       Distributors Inc. since
                                                       June 1998. Chairman since
                                                       June 1998, and Director
                                                       since January 1998 of
                                                       Morgan Stanley Trust.
                                                       Director of various
                                                       Morgan Stanley
                                                       subsidiaries. President
                                                       of the Morgan Stanley
                                                       Funds since May 1999.
                                                       Previously Chief
                                                       Executive Officer of Van
                                                       Kampen Funds Inc. from
                                                       December 2002 to July
                                                       2003, Chief Strategic
                                                       Officer of Morgan Stanley
                                                       Investment Advisors Inc.
                                                       and Morgan Stanley
                                                       Services Company Inc. and
                                                       Executive Vice President
                                                       of Morgan Stanley
                                                       Distributors Inc. from
                                                       April 1997 to June 1998.
                                                       Chief Executive Officer
                                                       from September 2002 to
                                                       April 2003 and Vice
                                                       President from May 1997
                                                       to April 1999 of the
                                                       Morgan Stanley Funds.
</Table>

                                                                              27
<PAGE>

<Table>
<Caption>
                                                                                  NUMBER OF
                                            TERM OF                                FUNDS IN
                                           OFFICE AND                                FUND
                              POSITION(S)  LENGTH OF                               COMPLEX
NAME, AGE AND ADDRESS          HELD WITH      TIME     PRINCIPAL OCCUPATION(S)     OVERSEEN    OTHER DIRECTORSHIPS
OF INTERESTED TRUSTEE            TRUST       SERVED    DURING PAST 5 YEARS        BY TRUSTEE   HELD BY TRUSTEE
<S>                           <C>          <C>         <C>                        <C>          <C>

Richard F. Powers, III* (57)  Trustee      Trustee     Advisory Director of           90       Trustee/Director/Managing
1 Parkview Plaza                           since 1999  Morgan Stanley. Prior to                General Partner of funds
P.O. Box 5555                                          December 2002, Chairman,                in the Fund Complex.
Oakbrook Terrace, IL 60181                             Director, President,
                                                       Chief Executive Officer
                                                       and Managing Director of
                                                       Van Kampen Investments
                                                       and its investment
                                                       advisory, distribution
                                                       and other subsidiaries.
                                                       Prior to December 2002,
                                                       President and Chief
                                                       Executive Officer of
                                                       funds in the Fund
                                                       Complex. Prior to May
                                                       1998, Executive Vice
                                                       President and Director of
                                                       Marketing at Morgan
                                                       Stanley and Director of
                                                       Dean Witter, Discover &
                                                       Co. and Dean Witter
                                                       Realty. Prior to 1996,
                                                       Director of Dean Witter
                                                       Reynolds Inc.

Wayne W. Whalen* (64)         Trustee      Trustee     Partner in the law firm        90       Trustee/Director/Managing
333 West Wacker Drive                      since 1993  of Skadden, Arps, Slate,                General Partner of funds
Chicago, IL 60606                                      Meagher & Flom                          in the Fund Complex.
                                                       (Illinois), legal counsel
                                                       to funds in the Fund
                                                       Complex.
</Table>

*   Such trustee is an "interested person" (within the meaning of Section
    2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of certain
    funds in the Fund Complex by reason of his firm currently acting as legal
    counsel to such funds in the Fund Complex. Messrs. Merin and Powers are
    interested persons of funds in the Fund Complex and the Advisers by reason
    of their current or former positions with Morgan Stanley or its affiliates.

 28
<PAGE>

OFFICERS

<Table>
<Caption>
                                                        TERM OF
                                                       OFFICE AND
                                    POSITION(S)        LENGTH OF
NAME, AGE AND                        HELD WITH            TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                     TRUST             SERVED    DURING PAST 5 YEARS
<S>                           <C>                      <C>         <C>
Stephen L. Boyd (63)          Vice President           Officer     Managing Director of Global Research Investment Management.
2800 Post Oak Blvd.                                    since 1998  Vice President of funds in the Fund Complex. Prior to
45th Floor                                                         December 2002, Chief Investment Officer of Van Kampen
Houston, TX 77056                                                  Investments and President and Chief Operations Officer of
                                                                   the Advisers and Van Kampen Advisors Inc. Prior to May 2002,
                                                                   Executive Vice President and Chief Investment Officer of
                                                                   funds in the Fund Complex. Prior to May 2001, Managing
                                                                   Director and Chief Investment Officer of Van Kampen
                                                                   Investments, and Managing Director and President of the
                                                                   Advisers and Van Kampen Advisors Inc. Prior to December
                                                                   2000, Executive Vice President and Chief Investment Officer
                                                                   of Van Kampen Investments, and President and Chief Operating
                                                                   Officer of the Advisers. Prior to April 2000, Executive Vice
                                                                   President and Chief Investment Officer for Equity
                                                                   Investments of the Advisers. Prior to October 1998, Vice
                                                                   President and Senior Portfolio Manager with AIM Capital
                                                                   Management, Inc. Prior to February 1998, Senior Vice
                                                                   President and Portfolio Manager of Van Kampen American
                                                                   Capital Asset Management, Inc., Van Kampen American Capital
                                                                   Investment Advisory Corp. and Van Kampen American Capital
                                                                   Management, Inc.

Stefanie V. Chang (37)        Vice President           Officer     Executive Director of Morgan Stanley Investment Management.
1221 Avenue of the Americas                            since 2003  Vice President of funds in the Fund Complex.
New York, NY 10020

Joseph J. McAlinden (60)      Executive Vice           Officer     Managing Director and Chief Investment Officer of Morgan
1221 Avenue of the Americas   President and Chief      since 2002  Stanley Investment Advisors Inc., Morgan Stanley Investment
New York, NY 10020            Investment Officer                   Management Inc. and Morgan Stanley Investments LP and
                                                                   Director of Morgan Stanley Trust for over 5 years. Executive
                                                                   Vice President and Chief Investment Officer of funds in the
                                                                   Fund Complex. Managing Director and Chief Investment Officer
                                                                   of Van Kampen Investments, the Advisers and Van Kampen
                                                                   Advisors Inc. since December 2002.
</Table>

                                                                              29
<PAGE>

<Table>
<Caption>
                                                        TERM OF
                                                       OFFICE AND
                                    POSITION(S)        LENGTH OF
NAME, AGE AND                        HELD WITH            TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                     TRUST             SERVED    DURING PAST 5 YEARS
<S>                           <C>                      <C>         <C>

John R. Reynoldson (50)       Vice President           Officer     Executive Director and Portfolio Specialist of the Advisers
1 Parkview Plaza                                       since 2000  and Van Kampen Advisors Inc. Vice President of funds in the
P.O. Box 5555                                                      Fund Complex. Prior to July 2001, Principal and Co-head of
Oakbrook Terrace, IL 60181                                         the Fixed Income Department of the Advisers and Van Kampen
                                                                   Advisors Inc. Prior to December 2000, Senior Vice President
                                                                   of the Advisers and Van Kampen Advisors Inc. Prior to May
                                                                   2000, Senior Vice President of the investment grade taxable
                                                                   group for the Advisers. Prior to June 1999, Senior Vice
                                                                   President of the government securities bond group for Asset
                                                                   Management.

Ronald E. Robison (64)        Executive Vice           Officer     Chief Executive Officer and Chairman of Investor Services.
1221 Avenue of the Americas   President and Principal  since 2003  Executive Vice President and Principal Executive Officer of
New York, NY 10020            Executive Officer                    funds in the Fund Complex. Chief Global Operations Officer
                                                                   and Managing Director of Morgan Stanley Investment
                                                                   Management Inc. Managing Director of Morgan Stanley.
                                                                   Managing Director and Director of Morgan Stanley Investment
                                                                   Advisors Inc. and Morgan Stanley Services Company Inc. Chief
                                                                   Executive Officer and Director of Morgan Stanley Trust. Vice
                                                                   President of the Morgan Stanley Funds.

A. Thomas Smith III (46)      Vice President and       Officer     Managing Director of Morgan Stanley, Managing Director and
1221 Avenue of the Americas   Secretary                since 1999  Director of Van Kampen Investments, Director of the
New York, NY 10020                                                 Advisers, Van Kampen Advisors Inc., the Distributor,
                                                                   Investor Services and certain other subsidiaries of Van
                                                                   Kampen Investments. Managing Director and General
                                                                   Counsel-Mutual Funds of Morgan Stanley Investment Advisors,
                                                                   Inc. Vice President and Secretary of funds in the Fund
                                                                   Complex. Prior to July 2001, Managing Director, General
                                                                   Counsel, Secretary and Director of Van Kampen Investments,
                                                                   the Advisers, the Distributor, Investor Services, and
                                                                   certain other subsidiaries of Van Kampen Investments. Prior
                                                                   to December 2000, Executive Vice President, General Counsel,
                                                                   Secretary and Director of Van Kampen Investments, the
                                                                   Advisers, Van Kampen Advisors Inc., the Distributor,
                                                                   Investor Services and certain other subsidiaries of Van
                                                                   Kampen Investments. Prior to January 1999, Vice President
                                                                   and Associate General Counsel to New York Life Insurance
                                                                   Company ("New York Life"), and prior to March 1997,
                                                                   Associate General Counsel of New York Life. Prior to
                                                                   December 1993, Assistant General Counsel of The Dreyfus
                                                                   Corporation. Prior to August 1991, Senior Associate, Willkie
                                                                   Farr & Gallagher. Prior to January 1989, Staff Attorney at
                                                                   the Securities and Exchange Commission, Division of
                                                                   Investment Management, Office of Chief Counsel.
</Table>

 30
<PAGE>

<Table>
<Caption>
                                                        TERM OF
                                                       OFFICE AND
                                    POSITION(S)        LENGTH OF
NAME, AGE AND                        HELD WITH            TIME     PRINCIPAL OCCUPATION(S)
ADDRESS OF OFFICER                     TRUST             SERVED    DURING PAST 5 YEARS
<S>                           <C>                      <C>         <C>

John L. Sullivan (48)         Vice President, Chief    Officer     Director and Managing Director of Van Kampen Investments,
1 Parkview Plaza              Financial Officer and    since 1996  the Advisers, Van Kampen Advisors Inc. and certain other
P.O. Box 5555                 Treasurer                            subsidiaries of Van Kampen Investments. Vice President,
Oakbrook Terrace, IL 60181                                         Chief Financial Officer and Treasurer of funds in the Fund
                                                                   Complex. Head of Fund Accounting for Morgan Stanley
                                                                   Investment Management. Prior to December 2002, Executive
                                                                   Director of Van Kampen Investments, the Advisers and Van
                                                                   Kampen Advisors Inc.
</Table>

                                                                              31
<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 conduct with
us, our affiliates, or third parties. We may also collect information you
provide when using our Web site, and text files (also known as "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 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 ANR 12/03 Member NASD/SIPC.
                                                               12553L03-AS-12/03
<PAGE>

Item 2. Code of Ethics.

(a)      The Trust has adopted a code of ethics (the "Code of Ethics") that
applies to its principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the Trust or
a third party.

(b)      No information need be disclosed pursuant to this paragraph.

(c)      Not applicable

(d)      Not applicable

(e)      Not applicable.

(f)

         (1)      The Trust's Code of Ethics is attached hereto as Exhibit 10A.

         (2)      Not applicable.

         (3)      Not applicable.

Item 3. Audit Committee Financial Expert.

The Trust's Board of Trustees has determined that it has four "audit committee
financial experts" serving on its audit committee, each of whom are
"independent" Trustees : J. Miles Branagan, Jerry Choate, R. Craig Kennedy and
Theodore A. Myers. Under applicable securities laws, a person who is determined
to be an audit committee financial expert will not be deemed an "expert" for any
purpose, including without limitation for the purposes of Section 11 of the
Securities Act of 1933, as a result of being designated or identified as an
audit committee financial expert. The designation or identification of a person
as an audit committee financial expert does not impose on such person any
duties, obligations, or liabilities that are greater than the duties,
obligations, and liabilities imposed on such person as a member of the audit
committee and Board of Trustees in the absence of such designation or
identification.

Item 4. Principal Accountant Fees and Services.

Applicable only for reports covering fiscal years ending on or after December
15, 2003.

Item 5. Audit Committee of Listed Registrants.

Applicable only for reports covering periods ending on or after the earlier of
(i) the first annual shareholder meeting after January 15, 2004 or (ii) October
31, 2004.

Item 6. [Reserved.]

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

The Trust invests in exclusively non-voting securities and therefore this item
is not applicable to the Trust.

Item 8. [Reserved.]

Item 9. Controls and Procedures

<PAGE>

(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-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.

(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

Item 10. Exhibits.

(a) The Code of Ethics for Principal Executive and Senior Financial Officers is
      attached herto.

(b) A separate certification for each principal executive officer and principal
      financial officer of the registrant are 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: December 18, 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: December 18, 2003

By: /s/ John L. Sullivan
   ----------------------------
Name: John L. Sullivan
Title: Principal Financial Officer
Date: December 18, 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE
<SEQUENCE>3
<FILENAME>c80897exv99wcode.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<PAGE>

           CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL
                                    OFFICERS
                              ADOPTED JULY 23, 2003

I.       This Code of Ethics (the "Code") for the investment companies within
         the Van Kampen complex identified in Exhibit A (collectively, "Funds"
         and each, a "Fund") applies to each Fund's Principal Executive Officer,
         President, Principal Financial Officer and Treasurer (or persons
         performing similar functions) ("Covered Officers" each of whom are set
         forth in Exhibit B) for the purpose of promoting:

         -        honest and ethical conduct, including the ethical handling of
                  actual or apparent conflicts of interest between personal and
                  professional relationships.

         -        full, fair, accurate, timely and understandable disclosure in
                  reports and documents that a company files with, or submits
                  to, the Securities and Exchange Commission ("SEC") and in
                  other public communications made by the Fund;

         -        compliance with applicable laws and governmental rules and
                  regulations;

         -        prompt internal reporting of violations of the Code to an
                  appropriate person or persons identified in the Code; and

         -        accountability for adherence to the Code.

                  Each Covered Officer should adhere to a high standard of
business ethics and should be sensitive to situations that may give rise to
actual as well as apparent conflicts of interest. Any question about the
application of the Code should be referred to the General Counsel or his/her
designee (who is set forth in Exhibit C).

II.      COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS
         OF INTEREST

         OVERVIEW. A "conflict of interest" occurs when a Covered Officer's
private interest interferes, or appears to interfere, with the interests of, or
his service to, the Fund. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of his position with the Fund.

         Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act") and
the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with the Fund because of
their status as "affiliated persons" (as defined in the Investment Company Act)
of the Fund. The Fund's and its investment adviser's compliance programs and
procedures are designed to prevent, or identify and correct, violations of these
provisions. This Code does not, and is not intended to, repeat or replace these
programs and procedures, and such conflicts fall outside the parameters of this
Code, unless or until the General Counsel determines that any violation of such
programs and procedures is also a violation of this Code.

<PAGE>

         Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and its investment adviser of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Fund or for the investment adviser, or for both), be involved
in establishing policies and implementing decisions that will have different
effects on the Fund and its investment adviser. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Fund and the investment adviser and is consistent with the performance by
the Covered Officers of their duties as officers of the Fund. Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically. In addition, it is recognized by the Funds' Boards of
Directors/Trustees ("Boards") that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other
codes.

         Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of
conflicts of interest under the Code, but Covered Officers should keep in mind
that these examples are not exhaustive. The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of the Fund.

         Each Covered Officer must not:

         -        use his personal influence or personal relationships
                  improperly to influence investment decisions or financial
                  reporting by the Fund whereby the Covered Officer would
                  benefit personally (directly or indirectly) to the detriment
                  of the Fund;

         -        cause the Fund to take action, or fail to take action, for the
                  individual personal benefit of the Covered Officer rather than
                  the benefit of the Fund; or

         -        use material non-public knowledge of portfolio transactions
                  made or contemplated for, or actions proposed to be taken by,
                  the Fund to trade personally or cause others to trade
                  personally in contemplation of the market effect of such
                  transactions.

         Each Covered Officer must, at the time of signing this Code, report to
the General Counsel all affiliations or significant business relationships
outside the Morgan Stanley complex and must update the report annually.

         Conflict of interest situations should always be approved by the
General Counsel and communicated to the relevant Fund or Fund's Board. Any
activity or relationship that would present such a conflict for a Covered
Officer would likely also present a conflict for the Covered Officer if an
immediate member of the Covered Officer's family living in the same household
engages in such an activity or has such a relationship. Examples of these
include:

         -        service or significant business relationships as a director on
                  the board of any public or private company;

         -        accepting directly or indirectly, anything of value, including
                  gifts and gratuities in excess of $100 per year from any
                  person or entity with which the Fund has current or
                  prospective business dealings, not including occasional

<PAGE>

                  meals or tickets for theatre or sporting events or other
                  similar entertainment; provided it is business-related,
                  reasonable in cost, appropriate as to time and place, and not
                  so frequent as to raise any question of impropriety;

         -        any ownership interest in, or any consulting or employment
                  relationship with, any of the Fund's service providers, other
                  than its investment adviser, principal underwriter, or any
                  affiliated person thereof; and

         -        a direct or indirect financial interest in commissions,
                  transaction charges or spreads paid by the Fund for effecting
                  portfolio transactions or for selling or redeeming shares
                  other than an interest arising from the Covered Officer's
                  employment, such as compensation or equity ownership.

III.     DISCLOSURE AND COMPLIANCE

         -        Each Covered Officer should familiarize himself/herself with
                  the disclosure and compliance requirements generally
                  applicable to the Funds;

         -        each Covered Officer must not knowingly misrepresent, or cause
                  others to misrepresent, facts about the Fund to others,
                  whether within or outside the Fund, including to the Fund's
                  Directors/Trustees and auditors, or to governmental regulators
                  and self-regulatory organizations;

         -        each Covered Officer should, to the extent appropriate within
                  his area of responsibility, consult with other officers and
                  employees of the Funds and their investment advisers with the
                  goal of promoting full, fair, accurate, timely and
                  understandable disclosure in the reports and documents the
                  Funds file with, or submit to, the SEC and in other public
                  communications made by the Funds; and

         -        it is the responsibility of each Covered Officer to promote
                  compliance with the standards and restrictions imposed by
                  applicable laws, rules and regulations.

IV.      REPORTING AND ACCOUNTABILITY

         Each Covered Officer must:

         -        upon adoption of the Code (thereafter as applicable, upon
                  becoming a Covered Officer), affirm in writing to the Boards
                  that he has received, read and understands the Code;

         -        annually thereafter affirm to the Boards that he has complied
                  with the requirements of the Code;

         -        not retaliate against any other Covered Officer, other officer
                  or any employee of the Funds or their affiliated persons for
                  reports of potential violations that are made in good faith;
                  and

         -        notify the General Counsel promptly if he/she knows or
                  suspects of any violation of this Code. Failure to do so is
                  itself a violation of this Code.

         The General Counsel is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any

<PAGE>

particular situation. However, any waivers(1) sought by a Covered Officer must
be considered by the Board of the relevant Fund or Funds.

         The Funds will follow these procedures in investigating and enforcing
this Code:

         -        the General Counsel will take all appropriate action to
                  investigate any potential violations reported to him;

         -        if, after such investigation, the General Counsel believes
                  that no violation has occurred, the General Counsel is not
                  required to take any further action;

         -        any matter that the General Counsel believes is a violation
                  will be reported to the relevant Fund's Audit Committee;

         -        if the directors/trustees/managing general partners who are
                  not "interested persons" as defined by the Investment Company
                  Act (the "Independent Directors/Trustees/Managing General
                  Partners") of the relevant Fund concur that a violation has
                  occurred, they will consider appropriate action, which may
                  include review of, and appropriate modifications to,
                  applicable policies and procedures; notification to
                  appropriate personnel of the investment adviser or its board;
                  or a recommendation to dismiss the Covered Officer or other
                  appropriate disciplinary actions;

         -        the Independent Directors/Trustees/Managing General Partners
                  of the relevant Fund will be responsible for granting waivers
                  of this Code, as appropriate; and

         -        any changes to or waivers of this Code will, to the extent
                  required, be disclosed as provided by SEC rules.

V.       OTHER POLICIES AND PROCEDURES

         This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds, the Funds' investment advisers, principal
underwriters, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code unless any provision of this Code conflicts
with any applicable federal or state law, in which case the requirements of such
law will govern. The Funds' and their investment advisers' and principal
underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act
and Morgan Stanley's Code of Ethics are separate requirements applying to the
Covered Officers and others, and are not part of this Code.

VI.      AMENDMENTS

         Any amendments to this Code, other than amendments to Exhibits A, B

or C, must be approved or ratified by a majority vote of the Board of each Fund,
including a majority of Independent Directors/Trustees/Managing General
Partners.

- ---------------
(1) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
a material departure from a provision of the code of ethics."

<PAGE>

VII.     CONFIDENTIALITY

         All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the Independent
Directors/Trustees/Managing General Partners of the relevant Fund or Funds and
their counsel, the relevant Fund or Funds and their counsel and the relevant
investment adviser and its counsel.

VIII.    INTERNAL USE

         The Code is intended solely for the internal use by the Funds and does
not constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion

I have read and understand the terms of the above Code. I recognize the
responsibilities and obligations incurred by me as a result of my being subject
to the Code. I hereby agree to abide by the above Code.

__________________________

Date:_____________________

<PAGE>

                                    EXHIBIT A
                                    FUND LIST

                          Van Kampen Series Fund, Inc.
                             on behalf of its series
                         Van Kampen American Value Fund
                      Van Kampen Emerging Markets Debt Fund
                        Van Kampen Emerging Markets Fund
                          Van Kampen Equity Growth Fund
                      Van Kampen European Value Equity Fund
                          Van Kampen Focus Equity Fund
                    Van Kampen Global Equity Allocation Fund
                       Van Kampen Global Value Equity Fund
                      Van Kampen Growth and Income Fund II
                      Van Kampen International Magnum Fund
                         Van Kampen Japanese Equity Fund
                         Van Kampen Mid Cap Growth Fund
                        Van Kampen Global Franchise Fund
                              Van Kampen Value Fund
                      Van Kampen Worldwide High Income Fund

                        Van Kampen U.S. Government Trust
                             on behalf of its series
                         Van Kampen U.S. Government Fund

                            Van Kampen Tax Free Trust
                             on behalf of its series
                     Van Kampen Insured Tax Free Income Fund
                   Van Kampen Strategic Municipal Income Fund
                   Van Kampen California Insured Tax Free Fund
                        Van Kampen Municipal Income Fund
               Van Kampen Intermediate Term Municipal Income Fund
                    Van Kampen New York Tax Free Income Fund
                   Van Kampen California Municipal Income Fund
                    Van Kampen Michigan Tax Free Income Fund
                    Van Kampen Missouri Tax Free Income Fund
                      Van Kampen Ohio Tax Free Income Fund

                                Van Kampen Trust
                             on behalf of its series
                           Van Kampen High Yield Fund

                             Van Kampen Equity Trust
                             on behalf of its series
                             Van Kampen Utility Fund
                             Van Kampen Growth Fund
                        Van Kampen Aggressive Growth Fund
                         Van Kampen Small Cap Value Fund
                          Van Kampen Select Growth Fund
                      Van Kampen Small Company Growth Fund
                        Van Kampen Small Cap Growth Fund
                       Van Kampen Value Opportunities Fund

                           Van Kampen Tax-Exempt Trust
                             on behalf of its Series
                      Van Kampen High Yield Municipal Fund

                                EXHIBIT A (CONT.)
                                    FUND LIST

                           Van Kampen Equity Trust II

<PAGE>

                             on behalf of its Series
                           Van Kampen Technology Fund
                       Van Kampen International Advantage

                  Van Kampen Pennsylvania Tax Free Income Fund
                         Van Kampen Tax Free Money Fund
                            Van Kampen Comstock Fund
                         Van Kampen Corporate Bond Fund
                         Van Kampen Emerging Growth Fund
                           Van Kampen Enterprise Fund
                          Van Kampen Equity Income Fund
                      Van Kampen Government Securities Fund
                        Van Kampen Growth and Income Fund
                             Van Kampen Harbor Fund
                   Van Kampen High Income Corporate Bond Fund
                   Van Kampen Limited Maturity Government Fund
                              Van Kampen Pace Fund
                     Van Kampen Real Estate Securities Fund
                             Van Kampen Reserve Fund
                            Van Kampen Exchange Fund

                        Van Kampen Life Investment Trust
                           on behalf of its Portfolios
                           Aggressive Growth Portfolio
                               Comstock Portfolio
                            Emerging Growth Portfolio
                              Enterprise Portfolio
                              Government Portfolio
                           Growth and Income Portfolio
                             Money Market Portfolio

                        Van Kampen Municipal Income Trust
                      Van Kampen California Municipal Trust
                          Van Kampen High Income Trust
                         Van Kampen High Income Trust II
                   Van Kampen Investment Grade Municipal Trust
                           Van Kampen Municipal Trust
                  Van Kampen California Quality Municipal Trust
                   Van Kampen Florida Quality Municipal Trust
                   Van Kampen New York Quality Municipal Trust
                     Van Kampen Ohio Quality Municipal Trust
                 Van Kampen Pennsylvania Quality Municipal Trust
                     Van Kampen Trust for Insured Municipals
                Van Kampen Trust for Investment Grade Municipals
           Van Kampen Trust for Investment Grade California Municipals
            Van Kampen Trust for Investment Grade Florida Municipals
           Van Kampen Trust for Investment Grade New Jersey Municipals
            Van Kampen Trust for Investment Grade New York Municipals
          Van Kampen Trust for Investment Grade Pennsylvania Municipals
                     Van Kampen Municipal Opportunity Trust
                   Van Kampen Advantage Municipal Income Trust
            Van Kampen Advantage Pennsylvania Municipal Income Trust
                   Van Kampen Strategic Sector Municipal Trust

                                EXHIBIT A (CONT.)
                                    FUND LIST

                     Van Kampen Value Municipal Income Trust
               Van Kampen California Value Municipal Income Trust
              Van Kampen Massachusetts Value Municipal Income Trust
                Van Kampen New York Value Municipal Income Trust
                  Van Kampen Ohio Value Municipal Income Trust

<PAGE>

              Van Kampen Pennsylvania Value Municipal Income Trust
                    Van Kampen Municipal Opportunity Trust II
                 Van Kampen Advantage Municipal Income Trust II
                    Van Kampen Select Sector Municipal Trust
                           Van Kampen Senior Loan Fund
                         Van Kampen Senior Income Trust
                              Van Kampen Bond Fund
                             Van Kampen Income Trust

                                    EXHIBIT B

                                COVERED OFFICERS

                          Mitchell M. Merin - President
  Ronald E. Robison - Executive Vice President and Principal Executive Officer
    John L. Sullivan - Vice President, Chief Financial Officer and Treasurer

                                    EXHIBIT C

                           GENERAL COUNSEL'S DESIGNEE

                               A. Thomas Smith III


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>c80897exv99wcert.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>

I, Ronald E. Robison, certify that:

1.   I have reviewed this report on Form N-CSR of Van Kampen Pennsylvania Value
     Municipal Income Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

[b)  Omitted.]

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

d)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: December 18, 2003

                                                     /s/ Ronald E. Robison
                                                     ---------------------------
                                                     Principal Executive Officer

<PAGE>

I, John L. Sullivan, certify that:

1.   I have reviewed this report on Form N-CSR of Van Kampen Pennsylvania Value
     Municipal Income Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial statements and other financial
     information included in this report, fairly present in all material
     respects the financial condition, results of operations, changes in net
     assets, and cash flows (if the financial statements are required to include
     a statement of cash flows) of the registrant as of, and for, the periods
     presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Rule 30a-3(c) under the Investment Company Act of 1940) for the
     registrant and have:

a)   designed such disclosure controls and procedures, or caused such disclosure
     controls and procedures to be designed under our supervision, to ensure
     that material information relating to the registrant, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report is being
     prepared;

[b)  Omitted.]

c)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures and presented in this report our conclusions about the
     effectiveness of the disclosure controls and procedures, as of a date
     within 90 days prior to the filing date of this report based on such
     evaluation; and

f)   disclosed in this report any change in the registrant's internal control
     over financial reporting that occurred during the registrant's most recent
     fiscal half-year (the registrant's second fiscal half-year in the case of
     an annual report) that has materially affected, or is reasonably likely to
     materially affect, the registrant's internal control over financial
     reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the
     registrant's auditors and the audit committee of the registrant's board of
     directors (or persons performing the equivalent functions):

a)   all significant deficiencies and material weaknesses in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely affect the registrant's ability to record, process,
     summarize, and report financial information; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal controls
     over financial reporting.

Date: December 18, 2003

                                                     /s/ John L. Sullivan
                                                     ---------------------------
                                                     Principal Executive Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>5
<FILENAME>c80897exv99w906cert.txt
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<PAGE>

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Van Kampen Pennsylvania Value Municipal Income Trust

         In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2003 that is accompanied by
this certification, the undersigned hereby certifies that:

1.       The Report fully complies with the requirements of Section 13(a) or
         15(d) of the Securities Exchange Act of 1934; and

2.       The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations of
         the Issuer.

Date: December 18, 2003                              /s/ Ronald E. Robison
                                                     ---------------------------
                                                     Ronald E. Robison
                                                     Principal Executive Officer

A signed original of this written statement required by Section 906 has been
provided to Van Kampen Pennsylvania Value Municipal Income Trust and will be
retained by Van Kampen Pennsylvania Value Municipal Income Trust and furnished
to the Securities and Exchange Commission or its staff upon request.

<PAGE>

                Certification Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Van Kampen Pennsylvania Value Municipal Income Trust

         In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2003 that is accompanied by
this certification, the undersigned hereby certifies that:

1.       The Report fully complies with the requirements of Section 13(a) or
         15(d) of the Securities Exchange Act of 1934; and

2.       The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations of
         the Issuer.

Date: December 18, 2003                              /s/ John L. Sullivan
                                                     ---------------------------
                                                     John L. Sullivan
                                                     Principal Financial Officer

A signed original of this written statement required by Section 906 has been
provided to Van Kampen Pennsylvania Value Municipal Income Trust and will be
retained by Van Kampen Pennsylvania Value Municipal Income Trust and furnished
to the Securities and Exchange Commission or its staff upon request.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
