Nuveen Virginia Premium Income Municipal Fund (the Fund) is a closed-ended investment company. The Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain United States territories. The Fund invests all of its assets in a diversified portfolio of tax-exempt Virginia municipal obligations rated within the four highest grades (Baa/BBB or better), except that 20% of the Fund's assets may be invested in unrated Virginia municipal obligations. Nuveen Fund Advisors, Inc., formerly Nuveen Asset Management, is the Fund's Adviser. Nuveen Asset Management, LLC is the sub-adviser of the Fund.