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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

Investment Company Act file number 811-07398

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 

(Exact name of registrant as specified in charter)

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 5/31/12

 

 

Item 1. Schedule of Investments.

Invesco Van Kampen Pennsylvania Value
Municipal Income Trust
Quarterly Schedule of Portfolio Holdings
May 31, 2012

invesco.com/us		VK-CE-PAVMI-QTR-1     05/12		Invesco Advisers, Inc.

Schedule of Investments
May 31, 2012
(Unaudited)

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Municipal Obligations—155.65%
Pennsylvania—141.85%
Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 2008, University RB			5.00	%		03/01/21		$	1,165			$	1,305,452
Series 2011 A, University RB			5.50	%		03/01/29			1,600				1,828,288
Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB			6.00	%		10/15/38			1,000				1,050,590
Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);
Series 2005 A, RB			5.00	%		04/01/25			735				696,243
Series 2005 A, RB			5.13	%		04/01/35			3,145				2,819,367
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB			5.63	%		08/15/39			2,750				3,068,175
Allegheny (County of) Industrial Development Authority (AFCO Cargo PIT, LLC); Series 1999, Cargo Facilities Lease RB (a)			6.63	%		09/01/24			1,880				1,695,779
Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB			6.38	%		08/15/35			1,215				1,265,204
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB			5.13	%		09/01/31			1,040				1,003,527
Allegheny (County of) Redevelopment Authority (Robinson Mall); Series 2000 A, Tax Increment Allocation RB			7.00	%		11/01/17			840				840,025
Allentown (City of) Commercial & Industrial Development Authority (Diocese of Allentown); Series 1999, VRD RB (LOC-Wells Fargo Bank, N.A.) (b)(c)			0.23	%		12/01/29			1,700				1,700,000
Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (d)			5.55	%		11/15/31			4,935				5,505,733
Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. First Mortgage RB (a)			6.13	%		11/01/34			1,425				1,365,521
Berks (County of) Municipal Authority (Albright College);
Series 2004, RB			5.50	%		10/01/16			1,695				1,720,781
Series 2004, RB			5.50	%		10/01/17			1,800				1,821,834
Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (d)			5.25	%		01/15/25			3,000				3,433,230
Bradford (County of) Industrial Development Authority (International Paper); Series 2005 B, Ref. Solid Waste Disposal RB (a)			5.20	%		12/01/19			1,000				1,063,510
Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility); Series 2005 A, Retirement Community RB			6.25	%		01/01/35			2,300				2,317,549
Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB			5.75	%		01/01/37			2,200				2,157,342
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB			5.38	%		12/01/41			3,000				3,364,950
Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2009, RB (INS-AGC) (d)			6.13	%		11/15/39			2,185				2,298,576
Series 2011, RB			6.25	%		11/15/41			1,250				1,424,675
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage RB			6.38	%		12/01/19			1,000				1,001,390
Series 1999, Ref. First Mortgage RB			6.38	%		12/01/24			1,000				1,001,010
Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM) (d)			5.00	%		08/15/30			2,650				3,058,895
Commonwealth Financing Authority; Series 2010 B, RB			5.00	%		06/01/23			1,775				2,115,090
Connellsville Area School District; Series 2008 B, Limited Tax GO Notes (INS-AGM) (d)			5.00	%		11/15/37			1,000				1,018,740
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB			6.00	%		01/01/30			1,600				1,675,216
Series 2010, RB			6.00	%		01/01/40			2,885				2,987,764
Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB			5.00	%		11/01/39			1,850				2,040,642
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);
Series 2007, RB			5.00	%		01/01/27			2,000				2,052,580
Series 2007, RB			5.00	%		01/01/36			3,000				3,029,220
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB			6.00	%		07/01/35			2,000				2,038,580
Daniel Boone Area School District; Series 2008, Limited Tax GO Notes			5.00	%		08/15/32			2,000				2,180,500
Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB (e)			6.25	%		07/01/16			2,810				3,130,171

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Pennsylvania—(continued)
Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB			5.75	%		06/01/20		$	5,475			$	6,411,389
Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) (d)			5.38	%		04/01/34			1,000				1,119,800
Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (d)			5.75	%		07/01/23			360				360,378
Delaware (County of) Authority (Elwyn);
Series 2010, RB			5.00	%		06/01/19			1,875				2,003,869
Series 2010, RB (INS-NATL)			5.00	%		06/01/23			975				999,239
Series 2010, RB			5.00	%		06/01/24			1,755				1,792,329
Series 2010, RB			5.00	%		06/01/25			750				763,598
Delaware (County of) Authority (Neumann College); Series 2008, College RB			6.25	%		10/01/38			600				645,288
Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.);
Series 2005 A, Water Facilities RB (INS-NATL) (a)(d)			5.00	%		11/01/37			2,750				2,848,917
Series 2005 B, Water Facilities RB (INS-NATL) (a)(d)			5.00	%		11/01/36			4,000				4,147,760
Series 2005 C, Water Facilities RB (INS-NATL) (a)(d)			5.00	%		02/01/35			3,000				3,089,160
Delaware (County of) Industrial Development Authority (Philadelphia Suburban Water); Series 2001, Water Facilities RB (INS-AMBAC) (a)(d)			5.35	%		10/01/31			2,500				2,513,850
Delaware River Port Authority; Series 2010 D, RB			5.00	%		01/01/40			2,000				2,169,800
Delaware Valley Regional Financial Authority;
Series 2002, RB			5.75	%		07/01/17			8,000				9,359,040
Series 2002, RB			5.75	%		07/01/32			2,500				3,008,775
Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB			5.50	%		03/15/38			1,000				1,061,760
Exeter Township School District; Series 2003, Unlimited Tax GO Bonds (INS-NATL) (d)			5.00	%		05/15/25			2,000				2,111,860
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB			5.38	%		07/01/42			2,980				3,170,511
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB			5.90	%		07/01/40			2,000				1,998,780
Geisinger Authority (Geisinger Health System); Series 2011 C, VRD RB (b)			0.13	%		06/01/41			1,910				1,910,000
Geisinger Authority;
Series 2005 C, VRD Health System RB (b)			0.14	%		08/01/28			1,500				1,500,000
Series 2011 A 1, Health System RB			5.13	%		06/01/41			1,500				1,650,900
Harrisburg (City of) Authority; Series 2004, Ref. RB (INS-AGM) (d)			5.00	%		07/15/21			6,575				6,609,453
Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB			5.00	%		04/15/37			3,430				3,705,566
Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB			6.50	%		07/01/40			1,390				1,472,913
Lehigh & Northampton (Counties of) Airport Authority (Lehigh Valley Airport System);
Series 2005 A, Ref. RB (INS-NATL) (a)(d)			5.00	%		01/01/20			1,240				1,279,792
Series 2005 A, Ref. RB (INS-NATL) (a)(d)			5.00	%		01/01/22			1,360				1,392,518
Series 2005 A, Ref. RB (INS-NATL) (a)(d)			5.00	%		01/01/23			675				688,480
Lehigh (County of) General Purpose Authority (Cedar Crest College); Series 2006, College RB (INS-Radian) (d)			5.00	%		04/01/26			1,510				1,537,814
Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB (INS-AGM) (d)			5.00	%		07/01/35			1,000				1,067,780
Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB			5.00	%		07/01/30			4,250				4,671,090
Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB			5.75	%		07/01/39			3,750				4,065,750
Monroe (County of) Hospital Authority (Pocono Medical Center);
Series 2003, RB (e)(f)			6.00	%		01/01/14			3,000				3,268,140
Series 2007, RB			5.25	%		01/01/43			3,000				3,091,500
Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital); Series 2002 A, Hospital RB			5.13	%		06/01/32			4,500				4,551,210
Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-CIFG) (d)			5.00	%		05/01/31			550				579,420
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Community); Series 2006 A, RB			4.50	%		11/15/36			3,000				2,898,450
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB			6.63	%		12/01/30			3,905				4,339,666
Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB			7.00	%		02/01/36			1,500				1,579,065

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Pennsylvania—(continued)
Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB			6.25	%		02/01/35		$	750			$	757,418
Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital); Series 2002 A, RB			5.63	%		07/01/32			1,500				1,501,785
Northampton (County of) General Purpose Authority (Lehigh University);
Series 2009, Higher Education RB			5.00	%		11/15/39			2,000				2,176,680
Series 2009, Higher Education RB			5.50	%		11/15/33			4,000				4,581,640
Northampton (County of) General Purpose Authority (St. Luke’s Hospital);
Series 2008 A, Hospital RB			5.50	%		08/15/35			2,000				2,105,440
Series 2010 C, Hospital RB (f)(g)			4.50	%		08/15/16			2,000				2,189,140
Northeastern York School District;
Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)			5.00	%		04/01/30			1,000				1,083,470
Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)			5.00	%		04/01/31			2,000				2,161,340
Owen J. Roberts School District; Series 2006, Unlimited Tax GO Notes (INS-AGM) (d)(h)			5.00	%		05/15/35			16,695				17,678,836
Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB			5.00	%		03/01/34			1,750				1,924,912
Pennsylvania (State of) Economic Development Financing Authority (Allegheny Energy Supply Co.); Series 2009, RB			7.00	%		07/15/39			4,220				4,936,345
Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (a)			5.00	%		11/01/41			1,530				1,622,412
Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB (a)			5.00	%		12/01/34			2,000				2,176,740
Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility);
Series 2009, Sewage Sludge Disposal RB			5.50	%		01/01/18			1,000				1,103,270
Series 2009, Sewage Sludge Disposal RB			6.25	%		01/01/32			2,000				2,215,900
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB (a)			5.10	%		10/01/27			3,690				3,879,518
Pennsylvania (State of) Higher Educational Facilities Authority (Clarion University Foundation Inc.);
Series 2003 A, RB (INS-SGI) (d)			5.00	%		07/01/28			1,000				1,001,210
Series 2003 A, RB (INS-SGI) (d)			5.00	%		07/01/33			1,500				1,492,200
Series 2003 A, RB (INS-SGI) (d)			5.25	%		07/01/18			1,500				1,520,745
Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB			6.00	%		07/01/43			1,000				1,108,520
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2003, RB			5.50	%		05/01/34			4,000				4,079,960
Pennsylvania (State of) Higher Educational Facilities Authority (Messiah College); Series 2003 AA3, RB (INS-Radian) (d)			5.50	%		11/01/22			3,000				3,156,180
Pennsylvania (State of) Higher Educational Facilities Authority (Philadelphia University of Sciences); Series 2005 A, RB (INS-SGI) (d)			5.00	%		11/01/36			2,320				2,410,086
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB			5.00	%		11/01/40			5,000				5,411,750
Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB			5.00	%		06/15/21			1,450				1,767,927
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);
Series 2002, RB			5.38	%		01/01/25			1,540				1,569,460
Series 2010, RB			5.00	%		03/01/40			1,000				1,093,540
Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (h)			5.00	%		07/15/38			15,925				17,406,662
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2012 A, RB			5.00	%		08/15/42			1,030				1,131,414
Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB			5.00	%		07/01/42			2,320				2,377,397
Pennsylvania (State of) Higher Educational Facilities Authority (UPMC Health System); Series 1999 A, RB (INS-AGM) (d)			5.00	%		08/01/29			3,600				3,604,536
Pennsylvania (State of) Housing Finance Agency; Series 2007 100A, Single Family Mortgage RB (a)			5.10	%		10/01/22			360				383,497
Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (h)			5.00	%		06/15/21			12,135				14,527,294

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Pennsylvania—(continued)
Pennsylvania (State of) Turnpike Commission;
Series 2004 A, RB (INS-AMBAC) (d)			5.25	%		12/01/21		$	1,200			$	1,319,340
Series 2005 D, Ref. VRD Registration Fee RB (INS-AGM) (b)(d)			0.40	%		07/15/41			875				875,000
Series 2008 A 1, RB (INS-AGC) (d)(h)			5.00	%		06/01/38			12,995				13,856,958
Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (d)(i)			0.00	%		06/01/33			5,840				5,941,382
Series 2009 E, Sub. Conv. CAB RB (i)			0.00	%		12/01/38			720				673,596
Series 2010 A 1, Motor License Fund Special RB			5.00	%		12/01/38			1,000				1,093,710
Series 2010 A 2, Motor License Fund Special Conv. CAB RB (i)			0.00	%		12/01/34			2,065				1,917,889
Series 2010 B 2, Conv. CAB RB (i)			0.00	%		12/01/30			1,875				1,739,925
Series 2010 B 2, Conv. CAB RB (i)			0.00	%		12/01/35			1,500				1,364,760
Series 2011 B, Sub. Motor License Fund Special RB (h)			5.00	%		12/01/41			11,000				12,187,780
Pennsylvania (State of);
First Series 2006, Unlimited Tax GO Bonds			5.00	%		10/01/23			3,000				3,459,330
First Series 2011, Unlimited Tax GO Bonds (h)			5.00	%		11/15/30			15,000				17,758,800
Pennsylvania State University;
Series 2005, RB			5.00	%		09/01/29			2,000				2,196,780
Series 2005, RB			5.00	%		09/01/35			4,000				4,429,600
Philadelphia (City of) Authority for Industrial Development (New Foundations Charter School); Series 2012, RB			6.63	%		12/15/41			1,250				1,312,525
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia);
Series 2002 A, VRD RB (b)			0.20	%		07/01/22			7,025				7,025,000
Series 2002 B, VRD RB (b)			0.20	%		07/01/25			1,600				1,600,000
Series 2011, RB			5.00	%		07/01/41			1,930				2,107,213
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB			5.00	%		05/15/40			4,995				5,401,343
Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
Series 2012, RB			5.88	%		04/01/32			450				465,062
Series 2012, RB			6.25	%		04/01/37			500				521,585
Philadelphia (City of) Industrial Development Authority (First Philadelphia Charter School); Series 2007 A, RB			5.85	%		08/15/37			2,500				2,493,200
Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB			6.38	%		11/15/40			1,000				1,035,600
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB			5.50	%		09/15/37			2,815				2,643,172
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB			6.00	%		08/01/35			1,660				1,848,277
Philadelphia (City of) Industrial Development Authority (Please Touch Museum); Series 2006, RB			5.25	%		09/01/21			2,610				2,456,428
Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (a)			7.75	%		12/01/17			2,000				2,002,880
Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC) (d)			5.25	%		02/15/29			1,645				1,647,204
Philadelphia (City of);
Ninth Series 2010, Gas Works RB			5.00	%		08/01/30			1,500				1,600,860
Ninth Series 2010, Gas Works RB			5.25	%		08/01/40			3,610				3,794,363
Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (d)			5.25	%		12/15/25			3,500				3,902,115
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (d)			5.50	%		08/01/24			1,500				1,724,910
Series 2009 A, Water & Wastewater RB			5.25	%		01/01/36			1,500				1,635,150
Series 2009 B, Limited Tax GO Bonds (INS-AGC) (d)			7.13	%		07/15/38			1,040				1,192,745
Series 2010 A, Airport RB			5.00	%		06/15/40			2,500				2,639,575
Series 2010 C, Water & Wastewater RB (INS-AGM) (d)			5.00	%		08/01/35			2,750				3,049,970
Series 2011, Unlimited Tax GO Bonds			6.00	%		08/01/36			2,000				2,326,920
Twelfth Series 1990 B, Gas Works RB			7.00	%		05/15/20			2,785				3,490,580
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (d)			5.13	%		09/01/23			2,500				2,851,350
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM) (d)			5.00	%		02/01/31			3,235				3,585,448
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM) (d)			5.00	%		02/01/35			2,000				2,130,180
Pittsburgh (City of) Public Parking Authority; Series 2005 A, Ref. RB (INS-NATL) (d)			5.00	%		12/01/25			2,215				2,312,349
Pittsburgh (City of) Urban Redevelopment Authority; Series 1999 C, RB (CEP-GNMA) (a)			5.70	%		04/01/30			460				460,547

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Pennsylvania—(continued)
Pittsburgh (City of) Water & Sewer Authority;
Series 2008 D1, First Lien RB (INS-AGM) (d)			5.00	%		09/01/24		$	2,000			$	2,232,980
Series 2008 D1, First Lien RB (INS-AGM) (d)			5.00	%		09/01/25			3,000				3,340,410
Radnor Township School District;
Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)			5.00	%		02/15/28			1,500				1,653,015
Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)			5.00	%		02/15/35			1,500				1,643,655
Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB			5.00	%		06/01/29			2,480				2,798,779
State Public School Building Authority (Harrisburg School District); Series 2009 A, RB (INS-AGC) (d)			5.00	%		11/15/33			2,500				2,703,250
State Public School Building Authority (Jefferson County Dubois Technology School); Series 2004, RB (INS-NATL) (d)			5.38	%		02/01/23			2,360				2,560,529
Susquehanna Area Regional Airport Authority;
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)			5.38	%		01/01/21			2,140				2,147,148
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)			5.38	%		01/01/23			5,205				5,216,451
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)			5.50	%		01/01/18			2,545				2,560,397
Series 2003 D, Sub. Airport System RB			5.38	%		01/01/18			5,475				5,409,136
Trinity Area School District; Series 2003, Unlimited Tax GO Bonds (e)(f)			5.25	%		11/01/13			2,850				3,050,754
Twin Valley School District; Series 2006, Unlimited Tax GO Bonds (e)(f)			5.25	%		10/01/15			1,820				2,108,361
Union (County of) Higher Educational Facilities Financing Authority (Bucknell University); Series 2002 A, University RB			5.25	%		04/01/19			1,000				1,040,600
Union (County of) Hospital Authority (Evangelical Community Hospital);
Series 2004, RB (INS-Radian) (d)			5.25	%		08/01/24			2,300				2,365,573
Series 2011, Ref. & Improvement RB			7.00	%		08/01/41			3,000				3,425,940
Unity (Township of) Municipal Authority; Series 2004, RB (INS-AGM) (d)			5.00	%		12/01/24			1,285				1,355,662
University of Pittsburgh — of the Commonwealth System of Higher Education (University Capital);
Series 2000 B, Ref. RB (h)			5.25	%		09/15/34			10,000				11,452,200
Series 2005 A, RB (h)(j)			5.25	%		09/15/30			10,000				11,694,600
Washington (County of) Industrial Development Authority (Washington Jefferson College);
Series 2010, College RB			5.00	%		11/01/36			1,700				1,829,268
Series 2010, College RB			5.25	%		11/01/30			1,500				1,657,710
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB (g)			5.45	%		07/01/35			490				498,227
Washington (County of);
Series 2002 A, Unlimited Tax GO Bonds (e)(f)			5.13	%		09/01/12			825				835,247
Series 2002 A, Unlimited Tax GO Bonds (e)(f)			5.13	%		09/01/12			5,025				5,087,310
West Mifflin Area School District;
Series 2009, Limited Tax GO Bonds (INS-AGM) (d)			5.13	%		04/01/31			1,500				1,673,205
Series 2009, Limited Tax GO Bonds (INS-AGM) (d)			5.50	%		04/01/24			500				590,325
Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); Series 2005 A, Retirement Community RB			5.75	%		01/01/26			2,350				2,360,034
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB			5.00	%		11/01/40			2,650				2,884,127
													512,895,277
Puerto Rico—9.11%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB			5.13	%		07/01/37			3,000				3,013,950
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2008 WW, RB			5.00	%		07/01/28			2,000				2,081,220
Series 2008 WW, RB			5.25	%		07/01/33			1,500				1,556,400
Series 2008 WW, RB			5.50	%		07/01/21			1,000				1,118,870
Series 2010 XX, RB			5.75	%		07/01/36			2,000				2,198,320
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (d)			5.50	%		07/01/27			1,930				2,147,473
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010, Conv. CAB RB (i)			0.00	%		08/01/33			2,260				1,972,957
First Subseries 2010 A, CAB RB (i)			0.00	%		08/01/34			5,000				1,487,050
First Subseries 2010 A, CAB RB (i)			0.00	%		08/01/35			2,500				693,400
First Subseries 2010 A, CAB RB (i)			0.00	%		08/01/36			7,800				2,013,492

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

								Principal
		Interest				Maturity		Amount
		Rate				Date		(000)				Value
Puerto Rico—(continued)
First Subseries 2010 A, RB			5.38	%		08/01/39		$	1,500			$	1,606,800
First Subseries 2010 C, RB			5.25	%		08/01/41			2,000				2,124,620
Series 2011 C, RB (h)			5.00	%		08/01/40			3,750				4,006,988
Series 2011 C, RB (h)			5.25	%		08/01/40			6,250				6,927,750
													32,949,290
Guam—2.87%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB			5.63	%		12/01/29			1,250				1,341,562
Series 2009 A, Limited Obligation RB			5.75	%		12/01/34			1,065				1,144,396
Guam (Territory of) International Airport Authority; Series 2003 B, General RB (INS-NATL) (d)			5.25	%		10/01/21			1,585				1,622,770
Guam (Territory of) Power Authority; Series 2010 A, RB			5.50	%		10/01/40			1,285				1,329,140
Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB			5.63	%		07/01/40			3,000				3,045,930
Guam (Territory of); Series 2011 A, Business Privilege Tax RB			5.25	%		01/01/36			1,700				1,891,335
													10,375,133
Virgin Islands—1.82%
University of the Virgin Islands; Series 2004 A, Improvement RB (e)(f)			5.38	%		12/01/14			1,500				1,678,860
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB			6.38	%		10/01/19			915				918,065
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB			6.63	%		10/01/29			2,425				2,827,647
Virgin Islands (Government of) Water & Power Authority; Series 2007 A, Electric System RB			5.00	%		07/01/25			1,090				1,137,361
													6,561,933
TOTAL INVESTMENTS(k)—155.65% (Cost $523,749,570)													562,781,633
Floating Rate Note Obligations—(20.98)%
Notes with interest rates ranging from 0.18% to 0.33% at 05/31/12 and contractual maturities of collateral ranging from 06/15/21 to 12/01/41 (See Note 1D)(l)													(75,860,000	)
OTHER ASSETS LESS LIABILITIES—1.31%													4,750,472
PREFERRED SHARES—(6.53)%													(23,625,000	)
VARIABLE RATE MUNI TERM PREFERRED SHARES—(29.45)%													(106,475,000	)
NET ASSETS APPLICABLE TO COMMON SHARES—100.00%												$	361,572,105

Investment Abbreviations:

Notes to Schedule of Investments:

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Entity		Percentage
Assured Guaranty Municipal Corp.			13.1	%

See accompanying notes which are an integral part of this schedule.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2012
(Unaudited)

NOTE 1 — Significant Accounting Policies

A.

Security Valuations — Securities, including restricted securities, are valued according to the following policy.

     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C.

Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

D.

Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

     TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

     The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

     The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E.

Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

     Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

     There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —		Prices are determined using quoted prices in an active market for identical assets.

Level 2 —		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 —		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

          The following is a summary of the tiered valuation input levels, as of May 31, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

		Level 1				Level 2				Level 3				Total
Municipal Obligations		$	—			$	562,781,633			$	—			$	562,781,633

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended May 31, 2012 was $4,554,365 and $8,257,591, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities		$	41,904,861
Aggregate unrealized (depreciation) of investment securities			(2,830,820	)
Net unrealized appreciation of investment securities		$	39,074,041
Cost of investments for tax purposes is $523,707,592.

NOTE 4 — Significant Event

The Board of Trustees of the Trust approved the redomestication of the Trust, a Massachusetts business trust, into a Delaware statutory trust pursuant to an Agreement and Plan of Redomestication. The redomestication is subject to shareholder approval.

     In addition, the Board also approved a plan to redeem all of the outstanding auction rate preferred shares at their respective liquidation preferences. These redemptions are anticipated to be funded with proceeds received from the issuance of Variable Rate Muni Term Preferred Shares (“VMTPS”) and Tender Option Bonds (“TOBs”). VMTPS are a variable rate form of preferred stock with a mandatory redemption date. These redemptions and this issuance of VMTPS are targeted to occur in the first half of 2012.

Invesco Van Kampen Pennsylvania Value Municipal Income Trust

Item 2. Controls and Procedures.

	(a)		As of June 12, 2012, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 12, 2012, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
	(b)		There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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: Invesco Van Kampen Pennsylvania Value Municipal Income Trust

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

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.