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<SEC-DOCUMENT>0000950137-04-005313.txt : 20040629
<SEC-HEADER>0000950137-04-005313.hdr.sgml : 20040629
<ACCEPTANCE-DATETIME>20040629131235
ACCESSION NUMBER:		0000950137-04-005313
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040430
FILED AS OF DATE:		20040629
EFFECTIVENESS DATE:		20040629

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07398
		FILM NUMBER:		04887833

	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-CSRS
<SEQUENCE>1
<FILENAME>c85429nvcsrs.txt
<DESCRIPTION>SEMIANNUAL REPORT DATED APRIL 30, 2004
<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, New York, New York 10020
- --------------------------------------------------------------------------------

               (Address of principal executive offices) (Zip code)


                                 Ronald Robison
              1221 Avenue of the Americas, New York, New York 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:   4/30/04



<PAGE>

Item 1. Report to Shareholders.

The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:

       Welcome, Shareholder

       In this report, you'll learn about how your investment in Van Kampen
       Pennsylvania Value Municipal Income Trust performed during the semiannual
       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 April 30, 2004.

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

       Income may subject certain individuals to the federal Alternative Minimum
       Tax (AMT).

<Table>
<Caption>
         <S>                    <C>                                       <C>
         ---------------------------------------------------------------------------------------
            NOT FDIC INSURED             OFFER NO BANK GUARANTEE              MAY LOSE VALUE
         ---------------------------------------------------------------------------------------
                   NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY               NOT A DEPOSIT
         ---------------------------------------------------------------------------------------
</Table>
<PAGE>

Performance Summary as of 4/30/04

<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 (04/30/93)     6.72%          5.90%

10-year                        7.93           8.05

5-year                         6.45           7.01

1-year                         1.97          -1.87

6-month                        1.17          -5.58
- ------------------------------------------------------
</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 SIX-MONTH PERIOD ENDED APRIL 30, 2004

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 state of the U.S. economy remained mixed over the six-month period under
review. On the positive side, economic growth continued to be robust, with Gross
Domestic Product growth topping 4 percent in both the last quarter of 2003 and,
preliminarily, the first quarter of this year. While this strength in output has
historically triggered fears of rising interest rates, yields remained
stubbornly low across the municipal curve. These low yields were partly the
result of the continued low levels of observed inflation in the U.S. economy.
Unfortunately, they also reflected continuing weakness in the job market, which
remained soft throughout most of the period. The soft job numbers, coupled with
persistently low inflation, led the Federal Open Market Committee (the Fed) to
maintain its accommodative stance throughout the period.

The surprisingly rapid job growth data released in April, coupled with rapidly
rising commodity and high oil prices, led many investors to fear that the Fed
would be forced to raise interest rates earlier than the market initially
expected. As a result, bond yields across all major sectors spiked in April.

Supply of new municipal bonds in calendar 2003 hit record levels as
municipalities moved to take advantage of historically low interest rates. Many
cities and states sought to reduce expenditures by refinancing existing debt and
replacing it with lower-yielding bonds. In other cases, municipalities attempted
to meet current and future funding needs by issuing new debt. This activity
slowed in the first months of 2004.

The low interest rates that prevailed over much of the period also had an impact
on the demand for municipal bonds. Retail and institutional investor activity
slowed as holders of municipal bonds saw little reason to sell bonds purchased
at higher yield levels and reinvest at lower yields. However, the period was
marked by rising activity among non-traditional investors, such as hedge funds
and insurance companies seeking to take advantage of the attractiveness of
municipal bonds relative to some taxable securities. Additionally, investors'
search for yield led to significant outperformance by lower-rated bonds with
greater credit risk. Sectors such as health care, with a preponderance of
lower-rated issues, performed particularly well.

(1)Team members may change without notice at any time.
 2
<PAGE>

While other states suffered during the period, Pennsylvania's economy remained
strong thanks to its ongoing tradition of fiscal discipline. The bulk of the
state's issuance continued to be in the education sector, which has over time
tended to be active in its issuance of new as well as refunded debt. The weakest
segment of the state economy was Pittsburgh, which was downgraded from
investment grade to BB/Ba because of revenue shortfalls.

PERFORMANCE ANALYSIS

Closed-end fund returns 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 an NAV basis, the trust outperformed its
benchmark, the Lehman Brothers Pennsylvania Municipal Bond Index, but
underperformed on a market-price basis. (See table below.)

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 typically reinvested in longer-term securities, taking
advantage of the difference between short- and longer-term rates. With short-
term rates at historic lows for much of the period, the difference between
short-and longer-term rates was relatively high. This made using leverage a
particularly profitable approach in the early months of the period, and added to
the trust's returns.

As yields rose toward the end of the period, the prices of bonds declined. The
trust's use of leverage magnified this negative price movement. However, the
portfolio saw strong performance from its higher-yielding holdings during the
period, which counterbalanced the effects of leverage and helped to produce a
total return at NAV slightly higher than that of the benchmark, which is not
leveraged.

TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004

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

       1.17%        -5.58%             1.13%
- ----------------------------------------------------------
</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 and index definition.

                                                                               3
<PAGE>

The trust's performance was also modestly hampered by its bias, relative to the
benchmark, toward high-quality securities. Municipal bond investors during the
period responded to the improving economy by reducing the yield spreads between
higher and lower-rated bonds (yield spreads reflect the premium demanded by
investors to buy lower-rated bonds). As a result, lower-quality bonds
outperformed. The portfolio had 78 percent exposure to bonds rated AA/Aa or
higher at the end of the period.

One of our key strategies in managing the trust was to adjust the portfolio's
term structure in anticipation of rising interest rates. Our research showed
that the intermediate portion of the curve offered the most promising
total-return potential. As a result, we focused our purchases on the 15- to
20-year segment of the curve. Many of the securities we identified had the added
appeal of premium coupons and 10-year call dates, which served to add income to
the portfolio while limiting its interest-rate exposure.

Our trading activity during the period was well below traditional norms because
we wanted to avoid having to reinvest into securities with low yields. That
said, we were able to make selective relative-value trades among securities and
sectors as they moved into and out of fair value. Some of these acquisitions
were funded by the proceeds of housing bonds that were called away by their
issuers during the period. In other cases we sold bonds that met their
performance objectives. We reinvested this cash into securities with more
promising total-return characteristics.

The trust's portfolio remained well diversified during the period, with its
holdings spread across many major municipal bond sectors. We believe this
long-standing strategy helps to minimize the risk of over-concentration in any
single sector, while also giving the portfolio exposure to as many potential
sources of return as possible. The three largest sector exposures at the end of
the period were higher education, public education and health care.

<Table>
<S>                                         <C>
TOP 5 SECTORS AS OF 4/30/04                 RATINGS ALLOCATION AS OF 4/30/04
Higher Education              24.0%         AAA/Aaa                        68.9%
Public Education              15.1          AA/Aa                            9.2
Health Care                   12.9          A/A                              7.5
Transportation                10.9          BBB/Baa                         14.4
Single-Family Housing          8.0
</Table>

Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the sectors shown above. All percentages are as a percentage of
long-term investments. Securities are classified by sectors that represent broad
groupings of related industries. Ratings allocations based upon ratings as
issued by Standard and Poor's and Moody's. Van Kampen is a wholly owned
subsidiary of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading and brokerage
activities, investment banking, research and analysis, financing and financial
advisory services.

 4
<PAGE>

Looking ahead, it is impossible to predict whether interest rates will continue
to trend upward, but we believe that the trust is well positioned to weather
further increases in interest rates. We look forward to becoming more active in
seeking attractive structures and relative-value trading opportunities now that
rates have moved into a more normal range.

                                                                               5
<PAGE>

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.

 6
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED)

<Table>
<Caption>
PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
- -------------------------------------------------------------------------------------------
<C>       <S>                                              <C>      <C>        <C>
          MUNICIPAL BONDS  162.3%
          PENNSYLVANIA  151.5%
$1,000    Allegheny Cnty, PA Arpt Auth Pittsburgh Intl
          Arpt Rfdg (AMT) (FGIC Insd)..................... 5.750%   01/01/18   $  1,052,140
 1,360    Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys
          Ser A (MBIA Insd)............................... 6.500    11/15/30      1,529,741
 2,000    Allegheny Cnty, PA Port Auth Spl Rev Trans
          (Prerefunded @ 03/01/09) (MBIA Insd)............ 6.000    03/01/24      2,290,520
   905    Allegheny Cnty, PA Residential Mtg Single Family
          Ser KK-2 (AMT) (GNMA Collateralized)............ 5.750    05/01/33        926,005
 1,525    Allegheny Cnty, PA Residential Mtg Single Family
          Ser MM (AMT) (GNMA Collateralized).............. 5.200    05/01/33      1,527,897
 1,000    Allegheny Cnty, PA San Auth Swr Rev (MBIA
          Insd)........................................... 5.500    12/01/24      1,058,300
 2,600    Allentown, PA Area Hosp Auth Rev Sacred Heart
          Hosp of Allentown Ser A Rfdg.................... 6.750    11/15/14      2,616,406
 2,580    Bensalem Twp, PA Sch Dist (FGIC Insd)........... 5.000    08/15/17      2,694,604
 2,775    Bensalem Twp, PA Sch Dist (FGIC Insd)........... 5.000    08/15/20      2,863,162
 1,695    Berks Cnty, PA Muni Auth Albright College
          Proj............................................ 5.500    10/01/16      1,753,359
 1,800    Berks Cnty, PA Muni Auth Albright College
          Proj............................................ 5.500    10/01/17      1,848,762
 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      2,328,220
 1,000    Canon McMillan Sch Dist PA Ser B (FGIC Insd).... 5.500    12/01/29      1,040,400
   870    Carbon Cnty, PA Indl Dev Auth Panther Creek
          Partn Proj Rfdg (AMT) (LOC: Paribas & Union Bk
          of CA Intl)..................................... 6.650    05/01/10        937,956
 1,000    Central Dauphin, PA Sch Dist (FSA Insd) (a)..... 5.000    12/01/19      1,043,030
 1,500    Chichester Sch Dist PA (FGIC Insd)..............   *      03/01/19        737,295
 1,000    Cumberland Cnty, PA Muni Auth Dickinson College
          Ser A (AMBAC Insd).............................. 5.500    11/01/30      1,039,610
 1,000    Delaware Cnty, PA Auth College Neumann College
          Rfdg............................................ 6.000    10/01/31      1,012,820
 1,000    Delaware Cnty, PA Auth Hosp Rev Crozer Chester
          Med Ctr......................................... 6.000    12/15/09      1,021,330
 1,500    Delaware Vly, PA Regl Fin Auth.................. 5.750    07/01/17      1,695,060
 1,000    Harrisburg, PA Auth Res Gtd Sub Ser D-2 (FSA
          Insd)........................................... 5.000    12/01/33      1,062,240
 2,000    Lehigh Cnty, PA Gen Purp Auth Cedar Crest
          College Rfdg.................................... 6.700    04/01/26      2,097,440
 1,000    Luzerne Cnty, PA Ser A (MBIA Insd).............. 5.250    11/15/25      1,031,560
 5,000    Lycoming Cnty, PA Auth College Rev PA College of
          Technology (AMBAC Insd)......................... 5.375    07/01/30      5,152,000
 1,000    Mercer Cnty, PA (FGIC Insd)..................... 5.500    10/01/15      1,094,500
 1,000    Mifflin Cnty, PA Hosp Auth (Radian Insd)........ 6.200    07/01/25      1,062,070
 1,000    Monroe Cnty, PA Hosp Auth Rev Hosp Pocono Med
          Ctr............................................. 6.000    01/01/43      1,020,330
</Table>

See Notes to Financial Statements                                              7
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued

<Table>
<Caption>
PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
- -------------------------------------------------------------------------------------------
<C>       <S>                                              <C>      <C>        <C>
          PENNSYLVANIA (CONTINUED)
$1,150    Monroeville, PA Muni Auth San Swr Rev Ser B
          (MBIA Insd)..................................... 5.250%   12/01/17   $  1,225,325
 1,000    Montgomery Cnty, PA Higher Ed & Hlth Auth Hosp
          Rev Abington Mem Hosp Ser A..................... 5.125    06/01/32        977,530
   900    Montgomery Cnty, PA Indl Dev Auth Rev Res Rec
          Montenay Proj Ser A (MBIA Insd)................. 5.250    11/01/14        983,988
 1,225    Northampton Twp, PA (FGIC Insd)................. 5.375    05/15/15      1,325,658
   955    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 53A (AMT)................................... 6.050    04/01/18        989,685
 2,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 54A Rfdg (AMT) (FHA/VA Gtd)................. 6.050    10/01/16      2,076,800
 1,000    Pennsylvania Hsg Fin Agy Single Family Mtg
          Ser 56A (AMT) (FHA/VA Gtd)...................... 6.050    10/01/16      1,042,240
 1,500    Pennsylvania Intergvtl Coop Auth Spl Tax Rev
          Philadelphia Fdg Pgm Rfdg (FGIC Insd)........... 5.500    06/15/20      1,575,135
 1,000    Pennsylvania St Higher Edl Fac Auth Rev Drexel
          Univ............................................ 5.500    05/01/17      1,063,110
 1,000    Pennsylvania St Higher Edl Fac Auth Rev La Salle
          Univ............................................ 5.500    05/01/34      1,004,370
 1,000    Pennsylvania St Higher Edl Fac Thomas Jefferson
          Univ............................................ 5.375    01/01/25      1,029,240
 2,000    Pennsylvania St Higher Edl UPMC Hlth Sys
          Ser A........................................... 6.000    01/15/31      2,101,020
 1,000    Pennsylvania St Higher Edl Fac Auth College &
          Univ Rev Bryn Mawr College (MBIA Insd).......... 5.625    12/01/17      1,095,350
 1,000    Pennsylvania St Higher Edl Fac Messiah College
          Ser AA3 (Radian Insd)........................... 5.500    11/01/22      1,037,840
 1,645    Pennsylvania St Higher Edl Fac Philadelphia
          College Osteopathic Med......................... 5.000    12/01/17      1,684,875
 1,725    Pennsylvania St Higher Edl Fac Philadelphia
          College Osteopathic Med......................... 5.000    12/01/18      1,755,705
 1,000    Pennsylvania St Indl Dev Auth Econ Dev
          (AMBAC Insd).................................... 5.500    07/01/14      1,101,640
 3,015    Pennsylvania St Tpk Commn Ser T Rfdg
          (FGIC Insd)..................................... 5.500    12/01/10      3,388,920
 2,000    Pennsylvania St Tpk Commn Tpk Rev Ser R
          (AMBAC Insd).................................... 5.000    12/01/26      2,012,780
 1,000    Philadelphia, PA Auth Indl Dev Amern College Of
          Physicians...................................... 5.500    06/15/27      1,023,810
 1,500    Philadelphia, PA Gas Wks Rev 1975 Gen Ordinance
          17th Ser (FSA Insd)............................. 5.375    07/01/19      1,606,350
 1,000    Philadelphia, PA Hosp & Higher Edl Fac Auth Hosp
          Rev PA Hosp Rfdg (Escrowed to Maturity)......... 6.250    07/01/06      1,088,080
 1,455    Philadelphia, PA Hosp & Higher Edl Fac Auth Rev
          Cmnty College Ser B Rfdg (MBIA Insd)............ 6.500    05/01/09      1,679,565
 2,000    Philadelphia, PA Sch Dist Ser B (AMBAC Insd).... 5.500    09/01/18      2,102,340
</Table>

 8                                             See Notes to Financial Statements
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued

<Table>
<Caption>
PAR
AMOUNT
(000)     DESCRIPTION                                      COUPON   MATURITY      VALUE
- -------------------------------------------------------------------------------------------
<C>       <S>                                              <C>      <C>        <C>
          PENNSYLVANIA (CONTINUED)
$3,675    Philadelphia, PA Wtr & Wastewtr Rev Rfdg
          (AMBAC Insd).................................... 5.500%   06/15/07   $  4,014,754
 4,500    Pittsburgh & Allegheny Cnty, PA Pub Aud Regl
          Asset Dist Sales Tax (AMBAC Insd)............... 5.000    02/01/24      4,535,685
 1,570    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg (AMT) (GNMA Collateralized)................ 5.700    04/01/30      1,596,392
 1,000    Pittsburgh, PA Urban Redev Auth Mtg Rev Ser C
          Rfdg (AMT)...................................... 6.500    10/01/23      1,038,920
 1,000    Southcentral, PA Gen Auth Rev Wellspan Hlth
          Oblig (MBIA Insd)............................... 5.375    05/15/28      1,029,290
 1,000    State Pub Sch Bldg Auth PA Delaware Cnty College
          Proj (MBIA Insd)................................ 5.750    10/01/16      1,116,090
 1,000    State Pub Sch Bldg Auth PA Sch Rev Conneaut Sch
          Dist Proj (FGIC Insd)........................... 5.250    11/01/19      1,067,440
 2,480    State Pub Sch Bldg Auth PA Sch Rev Conneaut Sch
          Dist Proj (FGIC Insd)........................... 5.250    11/01/23      2,594,229
 1,000    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser A (AMT) (AMBAC Insd)........................ 5.375    01/01/21      1,036,300
 1,000    Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev
          Ser D........................................... 5.375    01/01/18        985,190
 1,000    Union Cnty, PA Higher Edl Bucknell Univ Ser A... 5.250    04/01/21      1,050,440
   500    Union Cnty, PA Higher Edl Bucknell Univ Ser A... 5.250    04/01/22        521,865
 1,500    Washington Cnty, PA Auth Rev Cap Fdg Cap Proj &
          Equip Pgm (AMBAC Insd).......................... 6.150    12/01/29      1,717,260
 1,350    Washington Cnty, PA Ser A (AMBAC Insd).......... 5.125    09/01/27      1,369,021
 1,000    Wayne Highlands, PA Sch Dist (FSA Insd)......... 5.375    04/01/14      1,091,660
 1,000    Wilson, PA Area Sch Dist (FGIC Insd)............ 5.125    03/15/16      1,061,500
 1,100    York Cnty, PA (AMBAC Insd)...................... 5.000    06/01/19      1,143,516
   500    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.500    02/15/22        535,000
 1,000    York Cnty, PA Sch Technology Auth Lease Rev
          (FGIC Insd)..................................... 5.500    02/15/23      1,065,520
                                                                               ------------
                                                                                107,078,185
                                                                               ------------

          GUAM  2.4%
 1,585    Guam Intl Arpt Auth Gen Ser B (MBIA Insd)....... 5.250    10/01/21      1,667,309
                                                                               ------------

          PUERTO RICO  6.8%
 4,000    Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev
          Ser Y Rfdg (FSA Insd)........................... 6.250    07/01/21      4,822,640
                                                                               ------------

          U. S. VIRGIN ISLANDS  1.6%
 1,000    Virgin Islands Pub Fin Auth Rev Gross Rcpts
          Taxes Nt Ser A.................................. 6.375    10/01/19      1,113,670
                                                                               ------------
</Table>

See Notes to Financial Statements                                              9
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued

<Table>
<Caption>

DESCRIPTION                                                                       VALUE
- -------------------------------------------------------------------------------------------
<C>       <S>                                              <C>      <C>        <C>
TOTAL LONG-TERM INVESTMENTS  162.3%
  (Cost $109,702,891).......................................................   $114,681,804

SHORT-TERM INVESTMENT  0.4%
  (Cost $300,000)...........................................................        300,000
                                                                               ------------

TOTAL INVESTMENTS  162.7%
  (Cost $110,002,891).......................................................    114,981,804

OTHER ASSETS IN EXCESS OF LIABILITIES  1.0%.................................        692,384

PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS)  (63.7%).................    (45,002,834)
                                                                               ------------

NET ASSETS APPLICABLE TO COMMON SHARES  100.0%..............................   $ 70,671,354
                                                                               ============
</Table>

*   Zero coupon bond

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

AMBAC--AMBAC Indemnity Corp.

AMT--Alternative Minimum Tax

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

 10                                            See Notes to Financial Statements
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities
April 30, 2004 (Unaudited)

<Table>
<S>                                                           <C>
ASSETS:
Total Investments (Cost $110,002,891).......................  $114,981,804
Cash........................................................        52,126
Receivables:
  Interest..................................................     1,921,169
  Investments Sold..........................................        85,000
Other.......................................................         1,441
                                                              ------------
Total Assets................................................   117,041,540
                                                              ------------
LIABILITIES:
Payables:
  Investments Purchased.....................................     1,044,877
  Investment Advisory Fee...................................        57,582
  Income Distributions--Common Shares.......................        18,340
  Other Affiliates..........................................         7,935
  Administrative Fee........................................         4,799
Trustees' Deferred Compensation and Retirement Plans........       193,967
Accrued Expenses............................................        39,852
                                                              ------------
    Total Liabilities.......................................     1,367,352
Preferred Shares (including accrued distributions)..........    45,002,834
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 70,671,354
                                                              ============
NET ASSET VALUE PER COMMON SHARE ($70,671,354 divided by
  4,476,965 shares outstanding).............................  $      15.79
                                                              ============
NET ASSETS CONSIST OF:
Common Shares ($.01 par value with an unlimited number of
  shares authorized, 4,476,965 shares issued and
  outstanding)..............................................  $     44,770
Paid in Surplus.............................................    64,698,968
Net Unrealized Appreciation.................................     4,978,913
Accumulated Undistributed Net Investment Income.............       734,525
Accumulated Net Realized Gain...............................       214,178
                                                              ------------
NET ASSETS APPLICABLE TO COMMON SHARES......................  $ 70,671,354
                                                              ============
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.......................  $115,671,354
                                                              ============
</Table>

See Notes to Financial Statements                                             11
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

FINANCIAL STATEMENTS continued

Statement of Operations
For the Six Months Ended April 30, 2004 (Unaudited)

<Table>
<S>                                                           <C>
INVESTMENT INCOME:
Interest....................................................  $ 2,923,130
                                                              -----------
EXPENSES:
Investment Advisory Fee.....................................      353,827
Preferred Share Maintenance.................................       65,624
Trustees' Fees and Related Expenses.........................       37,850
Administrative Fee..........................................       29,487
Legal.......................................................       10,490
Custody.....................................................        3,822
Other.......................................................       64,093
                                                              -----------
    Total Expenses..........................................      565,193
                                                              -----------
NET INVESTMENT INCOME.......................................  $ 2,357,937
                                                              ===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain...........................................  $   214,532
                                                              -----------
Unrealized Appreciation/Depreciation:
  Beginning of the Period...................................    6,449,705
  End of the Period.........................................    4,978,913
                                                              -----------
Net Unrealized Depreciation During the Period...............   (1,470,792)
                                                              -----------
NET REALIZED AND UNREALIZED LOSS............................  $(1,256,260)
                                                              ===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS.....................  $  (240,452)
                                                              ===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
  OPERATIONS................................................  $   861,225
                                                              ===========
</Table>

 12                                            See Notes to Financial Statements
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

FINANCIAL STATEMENTS continued

Statements of Changes in Net Assets (Unaudited)

<Table>
<Caption>
                                                              FOR THE             FOR THE
                                                          SIX MONTHS ENDED       YEAR ENDED
                                                           APRIL 30, 2004     OCTOBER 31, 2003
                                                          ------------------------------------
<S>                                                       <C>                 <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income...................................    $ 2,357,937         $ 4,936,473
Net Realized Gain.......................................        214,532           2,358,286
Net Unrealized Depreciation During the Period...........     (1,470,792)         (1,857,446)
Distributions to Preferred Shareholders:
  Net Investment Income.................................       (193,272)           (458,900)
  Net Realized Gain.....................................        (47,180)                -0-
                                                            -----------         -----------
Change in Net Assets Applicable to Common Shares from
  Operations............................................        861,225           4,978,413

Distributions to Common Shareholders:
  Net Investment Income.................................     (2,241,673)         (4,640,249)
  Net Realized Gain.....................................       (466,556)                -0-
                                                            -----------         -----------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
  FROM INVESTMENT ACTIVITIES............................     (1,847,004)            338,164

FROM CAPITAL TRANSACTIONS:
Value of Common Shares Issued Through Dividend
  Reinvestment..........................................         54,749              17,374
                                                            -----------         -----------
TOTAL INCREASE/DECREASE IN NET ASSETS APPLICABLE TO
  COMMON SHARES.........................................     (1,792,255)            355,538
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.................................     72,463,609          72,108,071
                                                            -----------         -----------
End of the Period (Including accumulated undistributed
  net investment income of $734,525 and $811,533,
  respectively).........................................    $70,671,354         $72,463,609
                                                            ===========         ===========
</Table>

See Notes to Financial Statements                                             13
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

FINANCIAL HIGHLIGHTS (UNAUDITED)

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

<Table>
<Caption>
                                                             SIX MONTHS
                                                               ENDED
                                                             APRIL 30,    -------------------
                                                                2004       2003      2002 (b)
                                                             --------------------------------
<S>                                                          <C>          <C>        <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD....................  $ 16.20     $ 16.12    $ 16.04
                                                              -------     -------    -------
  Net Investment Income.....................................      .52        1.10       1.14
  Net Realized and Unrealized Gain/Loss.....................     (.28)        .12        .08
  Common Share Equivalent of Distributions Paid to Preferred
    Shareholders:
    Net Investment Income...................................     (.04)       (.10)      (.15)
    Net Realized Gain.......................................     (.01)        -0-        -0-
                                                              -------     -------    -------
Total from Investment Operations............................      .19        1.12       1.07
Distributions Paid to Common Shareholders:
    Net Investment Income...................................     (.50)      (1.04)      (.99)
    Net Realized Gain.......................................     (.10)        -0-        -0-
                                                              -------     -------    -------
NET ASSET VALUE, END OF THE PERIOD..........................  $ 15.79     $ 16.20    $ 16.12
                                                              =======     =======    =======

Common Share Market Price at End of the Period..............  $ 14.60     $ 16.05    $ 15.85
Total Return (a)............................................   -5.58%**     8.07%     11.76%
Net Assets Applicable to Common Shares at End of the Period
  (In millions).............................................  $  70.7     $  72.5    $  72.1
Ratio of Expenses to Average Net Assets Applicable to Common
  Shares (c)................................................    1.54%       1.53%      1.60%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (c)...........................    6.44%       6.76%      7.22%
Portfolio Turnover..........................................       9%**       23%        16%

SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets Including Preferred
  Shares (c)................................................     .96%        .95%       .98%
Ratio of Net Investment Income to Average Net Assets
  Applicable to Common Shares (d)...........................    5.91%       6.13%      6.26%

SENIOR SECURITIES:
Total Preferred Shares Outstanding..........................    1,800       1,800      1,800
Asset Coverage Per Preferred Share (e)......................  $64,263     $65,259    $65,061
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.

** Non-annualized

(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.

 14
<PAGE>

<Table>
<Caption>

YEAR ENDED OCTOBER 31,
- ----------------------------------------------------------------------------------------
      2001      2000       1999       1998       1997       1996       1995       1994
- ----------------------------------------------------------------------------------------
<S>  <C>       <C>       <C>        <C>        <C>        <C>        <C>        <C>
     $ 14.89   $ 14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57   $  15.67
     -------   -------   --------   --------   --------   --------   --------   --------
        1.21      1.15       1.12       1.13       1.13       1.13       1.14       1.14
        1.07       .52      (1.57)       .49        .62        .13       2.19      (3.13)
        (.33)     (.42)      (.33)      (.35)      (.35)      (.36)      (.40)      (.28)
         -0-       -0-        -0-        -0-        -0-        -0-        -0-        -0-*
     -------   -------   --------   --------   --------   --------   --------   --------
        1.95      1.25       (.78)      1.27       1.40        .90       2.93      (2.27)
        (.80)     (.78)      (.78)      (.77)      (.75)      (.75)      (.82)      (.82)
         -0-       -0-        -0-        -0-        -0-        -0-        -0-       (.01)
     -------   -------   --------   --------   --------   --------   --------   --------
     $ 16.04   $ 14.89   $  14.42   $  15.98   $  15.48   $  14.83   $  14.68   $  12.57
     =======   =======   ========   ========   ========   ========   ========   ========

     $ 15.11   $ 12.25   $12.4375   $14.9375   $ 13.625   $ 12.625   $  12.50   $ 10.375
      30.60%     4.82%    -11.99%     15.59%     14.26%      7.17%     28.60%    -25.61%
     $  71.7   $  66.5   $   64.4   $   71.4   $   69.2   $   66.3   $   65.6   $   56.2
       1.83%     1.92%      1.87%      1.83%      1.91%      1.97%      2.03%      1.98%
       7.78%     7.93%      7.23%      7.17%      7.51%      7.70%      8.27%      8.00%
         20%       21%        28%         7%         9%        27%        43%        53%

       1.11%     1.13%      1.13%      1.12%      1.14%      1.17%      1.17%      1.16%
       5.64%     5.04%      5.13%      4.93%      5.15%      5.24%      5.35%      6.09%

       1,800     1,800      1,800        900        900        900        900        900
     $64,811   $61,970   $ 60,800   $129,330   $126,872   $123,646   $122,900   $112,433
     $25,000   $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
     $25,000   $25,000   $ 25,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000   $ 50,000
</Table>

See Notes to Financial Statements                                             15
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

Van Kampen Pennsylvania Value Municipal Income Trust (the "Trust") is registered
as a non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust's investment objective is
to provide a high level of current income exempt from federal and Pennsylvania
income taxes and, where possible under local law, local income and personal
property taxes, consistent with preservation of capital. The Trust will invest
substantially all of its assets in Pennsylvania municipal securities rated
investment grade at the time of investment. The Trust commenced investment
operations on April 30, 1993. Effective November 30, 2003, the Trust's
investment adviser, Van Kampen Investment Advisory Corp. merged into its
affiliate, Van Kampen Asset Management.

    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 April 30, 2004, the Trust had $1,044,877 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.

 16
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED) continued

    At April 30, 2004, the cost and related gross unrealized appreciation and
depreciation are as follows:

<Table>
<S>                                                           <C>
Cost of investments for tax purposes........................  $109,859,907
                                                              ============
Gross tax unrealized appreciation...........................  $  5,663,352
Gross tax unrealized depreciation...........................      (541,455)
                                                              ------------
Net tax unrealized appreciation on investments..............  $  5,121,897
                                                              ============
</Table>

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

    The tax character of distributions paid during the year ended October 31,
2003 was as follows:

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

    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 Asset
Management (the "Adviser") provides 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 pays a monthly administrative fee to Van
Kampen Investments Inc. or its affiliates (collectively "Van Kampen"), the
Trust's Administrator, at an annual rate of .05% of the average daily net assets
of the Trust. Effective June 1, 2004, the administrative fee was reduced from
..05% to .00%.

    For the six months ended April 30, 2004, the Trust recognized expenses of
approximately $3,900 representing legal services provided by Skadden, Arps,
Slate, Meagher, & Flom LLP, counsel to the Trust, of which a trustee of the
Trust is an affiliated person.

    Under separate Accounting Services and Legal Services agreements, the
Adviser provides accounting and legal services to the Trust. The Adviser
allocates the cost of such services to each trust. For the six months ended
April 30, 2004, the Trust recognized expenses of approximately $13,600
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.

                                                                              17
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED) continued

    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 April 30, 2004 and October 31, 2003, paid in surplus related to common shares
aggregated $64,698,968 and $64,644,252, respectively.

    Transactions in common shares were as follows:

<Table>
<Caption>
                                                          SIX MONTHS ENDED       YEAR ENDED
                                                           APRIL 30, 2004     OCTOBER 31, 2003
<S>                                                       <C>                 <C>
Beginning Shares........................................     4,473,660           4,472,625
Shares Issued Through Dividend Reinvestment.............         3,305               1,035
                                                             ---------           ---------
Ending Shares...........................................     4,476,965           4,473,660
                                                             =========           =========
</Table>

4. INVESTMENT TRANSACTIONS

During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $11,709,456 and 10,655,540, respectively.

5. PREFERRED SHARES

The Trust has outstanding 1,800 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every seven days through an
auction process. The rate in effect on April 30, 2004 was 1.150%. During the six
months ended April 30, 2004, the rates ranged from 0.800% to 1.950%.

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

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

 18
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

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
                                                                              19
<PAGE>
VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

DIVIDEND REINVESTMENT PLAN continued

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

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

COSTS OF THE PLAN

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

TAX IMPLICATIONS

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

RIGHT TO WITHDRAW

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

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

 20
<PAGE>

VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

BOARD OF TRUSTEES AND IMPORTANT ADDRESSES

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*
JACK E. NELSON
RICHARD F. POWERS, III*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY

INVESTMENT ADVISER

VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020

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 LLP
333 West Wacker Drive
Chicago, Illinois 60606

INDEPENDENT AUDITORS

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

*   "Interested persons" of the Trust, as defined in the Investment Company Act
    of 1940, as amended.
                                                                              21
<PAGE>

Van Kampen
Privacy Notice


The Van Kampen companies and investment products* respect your right to privacy.
We also know that you expect us to conduct and process your business in an
accurate and efficient manner. To do so, we must collect and maintain certain
nonpublic personal information about you. This is information we collect from
you on applications or other forms, and from the transactions you 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 Asset Management, Van
    Kampen Advisors 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)2004 Van Kampen
                                                 Funds Inc. All rights reserved.
                                                 Member NASD/SIPC.
                                                 VPV SAR 6/04 RN04-00754P-Y04/04
<PAGE>
Item 2.  Code of Ethics.

Not applicable for semi-annual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5.  Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6.  [Reserved.]

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

Not applicable.

Item 8.  [Reserved.]

Item 9. Controls and Procedures

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

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

(b)(1) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.

(b)(2) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.




<PAGE>
SIGNATURES

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

(Registrant) Van Kampen Pennsylvania Value Municipal Income Trust

By: /s/ Ronald E. Robison
    ---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 22, 2004

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

By: /s/ Ronald E. Robison
    ---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: June 22, 2004

By: /s/ John L. Sullivan
    --------------------
Name: John L. Sullivan
Title: Principal Financial Officer
Date: June 22, 2004






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c85429exv99wcert.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:  June 22, 2004

                                                     /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:

b) 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.]

e) 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):

c) 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

d) 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: June 22, 2004

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





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>c85429exv99w906cert.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 April 30, 2004 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: June 22, 2004                                   /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. This
written statement required by Section 906 is being furnished with this report,
but not being filed as part of this Report.


<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 April 30, 2004 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: June 22, 2004                                   /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. This
written statement required by Section 906 is being furnished with this report,
but not being filed as part of this Report.


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