NOTES TO FINANCIAL STATEMENTS
October 31, 1998
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Pennsylvania Value Municipal Income Trust, formerly known as Van Kampen American Capital
Pennsylvania Value Municipal Income Trust, (the "Trust") is registered as a non-diversified closed-end
management investment company under the Investment Company Act of 1940, as amended. The Trust's
investment objective is to provide a high level of current income exempt from federal and Pennsylvania income
taxes and, where possible under local law, local income and personal property taxes, consistent with preservation
of capital. The Trust will invest substantially all of its assets in Pennsylvania municipal securities rated investment
grade at the time of investment. The Trust commenced investment operations on April 30, 1993.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation
of its financial statements. The preparation of financial statements in conformity with generally accepted
accounting principles 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
A. SECURITY VALUATION--Investments are stated at value using market quotations or, if such valuations are
not available, estimates obtained from yield data relating to instruments or securities with similar characteristics in
accordance with 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.
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 "