Fund Description: Nuveen Virginia Premium Income Municipal Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is current income exempt from both Federal income taxes and Virginia income taxes, and its secondary investment objective is the enhancement of portfolio value relative to the Virginia municipal bond market through investments in tax-exempt Virginia Municipal Obligations. The Fund will invest substantially all of its assets in a diversified portfolio of tax-exempt Virginia Municipal Obligations rated within the four highest grades, except that 20% of the Fund's assets may be invested in unrated Virginia Municipal Obligations. The Fund may employ hedging strategies. The Fund may leverage up to 35% of its capital through the issuance of preferred stock. The Fund's investment advisor is Nuveen Advisory Corp.