N-Q 1 nq2.htm NPV_NQ nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-7490
 
Nuveen Virginia Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         8/31/12         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments

 
           
   
Portfolio of Investments (Unaudited) 
     
   
Nuveen Virginia Premium Income Municipal Fund (NPV) 
     
   
August 31, 2012 
     
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 5.6% (3.8% of Total Investments) 
     
   
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2007A: 
     
$ 910 
 
5.250%, 6/01/32 
6/17 at 100.00 
B+ 
$ 889,152 
700 
 
5.625%, 6/01/47 
6/17 at 100.00 
B+ 
624,743 
57,000 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 
5/15 at 11.19 
BB– 
4,107,420 
   
0.000%, 5/15/50 
     
325 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
11/12 at 100.00 
BBB 
324,987 
   
Series 2002, 5.500%, 5/15/39 
     
11,400 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B2 
8,191,584 
   
Series 2007B1, 5.000%, 6/01/47 
     
2,145 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B2 
1,582,581 
   
Series 2007B2, 5.200%, 6/01/46 
     
72,480 
 
Total Consumer Staples 
   
15,720,467 
   
Education and Civic Organizations – 8.3% (5.6% of Total Investments) 
     
580 
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 
9/16 at 100.00 
BBB 
605,822 
   
2006, 5.000%, 9/01/26 
     
2,000 
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43 
4/15 at 100.00 
AA– 
2,156,860 
1,000 
 
Fairfax County Economic Development Authority, Virginia, Revenue Bonds, National Wildlife 
3/13 at 100.00 
A3 
1,003,400 
   
Federation, Series 1999, 5.375%, 9/01/29 NPFG Insured 
     
1,000 
 
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, 
6/19 at 100.00 
Aa2 
1,130,800 
   
VMI Dvelopment Board Project, Series 2006C, 5.000%, 12/01/36 
     
2,500 
 
Prince William County Industrial Development Authority, Virginia, Educational Facilities 
10/13 at 101.00 
A2 
2,575,475 
   
Revenue Bonds, Catholic Diocese of Arlington, Series 2003, 5.500%, 10/01/33 
     
1,630 
 
Prince William County Industrial Development Authority, Virginia, Student Housing Revenue 
9/21 at 100.00 
A
1,811,044 
   
Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 
     
   
5.125%, 9/01/41 
     
2,050 
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
12/12 at 101.00 
BBB– 
2,075,441 
   
Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University 
     
   
System, Series 2002, 5.375%, 12/01/21 
     
2,950 
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 
6/15 at 100.00 
AAA 
3,235,029 
   
5.000%, 6/01/37 
     
1,665 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher 
No Opt. Call 
Aa1 
1,665,000 
   
Education Financing Program, Series 2009B, 5.000%, 9/01/12 
     
3,600 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher 
9/18 at 100.00 
Aa1 
4,132,080 
   
Education Financing Program, Series 2009A, 5.000%, 9/01/28 
     
500 
 
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount 
1/13 at 100.00 
N/R 
500,955 
   
University, Series 1998, 5.100%, 7/01/18 – RAAI Insured 
     
1,635 
 
Virginia Commonwealth University, Revenue Bonds, Series 2004A, 5.000%, 5/01/17 – AMBAC Insured 
5/14 at 101.00 
Aa2 
1,765,702 
500 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke 
4/20 at 100.00 
A– 
565,280 
   
College, Series 2011, 5.750%, 4/01/41 
     
21,610 
 
Total Education and Civic Organizations 
   
23,222,888 
   
Health Care – 24.3% (16.5% of Total Investments) 
     
5,000 
 
Arlington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Virginia 
7/20 at 100.00 
A1 
5,507,950 
   
Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31 
     
   
Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax 
     
   
Regional Hospital Incorporated, Series 2007: 
     
1,545 
 
5.000%, 9/01/27 
9/17 at 100.00 
BBB+ 
1,630,717 
250 
 
5.000%, 9/01/37 
9/17 at 100.00 
BBB+ 
260,250 
2,145 
 
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/20 at 100.00 
AA– 
2,356,540 
   
Health, Series 2010C-2, 5.000%, 11/01/42 – AGC Insured 
     
3,340 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova 
5/19 at 100.00 
AA+ 
4,766,280 
   
Health System, Series 2009, Trust 11733, 14.697%, 11/15/29 (IF) 
     
4,950 
 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, 
No Opt. Call 
AA+ 
6,085,728 
   
Inova Health System, Series 1993A, 5.000%, 8/15/23 
     
4,000 
 
Fauquier County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Fauquier 
10/12 at 102.00 
BBB+ 
4,085,560 
   
Hospital, Series 2002, 5.250%, 10/01/25 – RAAI Insured 
     
2,500 
 
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, 
No Opt. Call 
Baa1 
2,957,325 
   
MediCorp Health System, Series 2007, 5.250%, 6/15/23 
     
2,480 
 
Fredericksburg Industrial Development Authority, Virginia, Revenue Bonds, MediCorp Health 
11/12 at 100.00 
Baa1 
2,482,678 
   
System, Series 2002B, 5.125%, 6/15/33 
     
795 
 
Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial 
No Opt. Call 
A– 
892,682 
   
Regional Medical Center, Series 1995, 6.375%, 8/15/18 – NPFG Insured 
     
5,345 
 
Harrisonburg Industrial Development Authority, Virginia, Hospital Facilities Revenue Bonds, 
8/16 at 100.00 
AA 
5,916,220 
   
Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 – AMBAC Insured 
     
2,880 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
11/12 at 100.00 
A– 
2,893,939 
   
System Inc., Series 2002A, 5.600%, 11/15/30 
     
1,500 
 
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon 
No Opt. Call 
A– 
1,775,115 
   
Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured 
     
3,180 
 
Manassas Industrial Development Authority, Virginia, Hospital Revenue Bonds, Prince William 
4/13 at 100.00 
A2 
3,208,715 
   
Hospital, Series 2002, 5.250%, 4/01/33 
     
   
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, 
     
   
MediCorp Health System, Series 2006: 
     
2,000 
 
5.250%, 6/15/25 
6/16 at 100.00 
Baa1 
2,125,420 
2,000 
 
5.250%, 6/15/26 
6/16 at 100.00 
Baa1 
2,116,880 
2,025 
 
5.250%, 6/15/31 
6/16 at 100.00 
Baa1 
2,130,138 
3,395 
 
5.250%, 6/15/37 
6/16 at 100.00 
Baa1 
3,538,371 
2,550 
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara 
5/20 at 100.00 
AA 
2,816,858 
   
Healthcare, Refunding Series 2010, 5.000%, 11/01/40 
     
4,425 
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, 
9/17 at 100.00 
BBB+ 
4,611,337 
   
Series 2007A, 5.250%, 9/01/37 
     
1,620 
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health 
1/19 at 100.00 
A+ 
1,818,353 
   
System Obligated Group, Series 2009E, 5.625%, 1/01/44 
     
2,855 
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester 
1/17 at 100.00 
A+ 
3,070,210 
   
Medical Center, Series 2007, 5.125%, 1/01/31 
     
1,020 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
4/20 at 100.00 
A
1,133,230 
   
Inc., Series 2010A, 5.625%, 4/15/39 
     
61,800 
 
Total Health Care 
   
68,180,496 
   
Housing/Multifamily – 1.3% (0.9% of Total Investments) 
     
985 
 
Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage 
12/12 at 101.00 
AA+ 
1,006,739 
   
Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Mandatory 
     
   
put 11/01/19) (Alternative Minimum Tax) 
     
400 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45 
10/19 at 100.00 
AA+ 
428,012 
530 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32 
2/20 at 100.00 
AA+ 
566,920 
1,450 
 
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, 
4/20 at 100.00 
AA+ 
1,554,400 
   
Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51 
     
3,365 
 
Total Housing/Multifamily 
   
3,556,071 
   
Housing/Single Family – 6.3% (4.3% of Total Investments) 
     
270 
 
Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage 
6/13 at 100.00 
Aaa 
271,882 
   
Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax) 
     
2,600 
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2005C-2, 4.750%, 
1/15 at 100.00 
AAA 
2,650,154 
   
10/01/32 (Alternative Minimum Tax) 
     
3,740 
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006 D1, 4.900%, 
7/15 at 100.00 
AAA 
3,851,863 
   
1/01/33 (Alternative Minimum Tax) 
     
2,740 
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006, 4.800%, 
7/15 at 100.00 
AAA 
2,810,226 
   
7/01/29 (Alternative Minimum Tax) 
     
7,900 
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 
7/16 at 100.00 
AAA 
8,143,636 
   
7/01/32 (Alternative Minimum Tax) 
     
17,250 
 
Total Housing/Single Family 
   
17,727,761 
   
Long–Term Care – 8.7% (5.9% of Total Investments) 
     
2,000 
 
Albemarle County Industrial Development Authority, Virginia, Residential Care Facilities 
1/17 at 100.00 
N/R 
2,046,760 
   
Mortgage Revenue Bonds, Westminster-Cantebury of the Blue Ridge, Series 2007, 5.000%, 1/01/31 
     
1,000 
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr 
12/15 at 100.00 
N/R 
1,008,600 
   
Village, Series 2005, 5.625%, 12/01/39 
     
5,585 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
BBB 
5,749,478 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37 
     
   
Fairfax County Economic Development Authority, Virginia, Retirement Center Revenue Bonds, 
     
   
Greenspring Village, Series 2006A: 
     
1,000 
 
4.750%, 10/01/26 
10/16 at 100.00 
A
1,043,860 
800 
 
4.875%, 10/01/36 
10/16 at 100.00 
A
830,224 
   
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue 
     
   
Bonds, Westminster Canterbury of Richmond, Series 2006: 
     
100 
 
5.000%, 10/01/27 
10/17 at 100.00 
BBB 
103,646 
4,740 
 
5.000%, 10/01/35 
10/17 at 100.00 
BBB 
4,869,118 
3,590 
 
Industrial Development Authority of the County of Prince William, Virginia, Residential Care 
1/17 at 100.00 
N/R 
2,699,644 
   
Facility Revenue Bonds, Westminster at Lake, First Mortgage, Series 2006, 5.125%, 1/01/26 
     
2,000 
 
James City County Industrial Development Authority, Virginia, Residential Care Facility First 
11/12 at 101.00 
N/R 
2,013,980 
   
Mortgage Revenue Refunding Bonds, Williamsburg Landing Inc., Series 2003A, 6.000%, 3/01/23 
     
1,500 
 
Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia 
12/16 at 100.00 
N/R 
1,503,300 
   
Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 
     
1,000 
 
Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage 
9/16 at 100.00 
N/R 
1,026,050 
   
Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31 
     
1,000 
 
Virginia Beach Development Authority, Virginia, Residential Care Facility Mortgage Revenue 
11/15 at 100.00 
N/R 
1,033,020 
   
Bonds, Westminster Canterbury on Chesapeake Bay, Series 2005, 5.000%, 11/01/22 
     
500 
 
Winchester Industrial Development Authority, Virginia, Residential Care Facility Revenue 
1/15 at 100.00 
BBB+ 
514,255 
   
Bonds, Westminster-Canterbury of Winchester Inc., Series 2005A, 5.200%, 1/01/27 
     
24,815 
 
Total Long-Term Care 
   
24,441,935 
   
Tax Obligation/General – 12.6% (8.6% of Total Investments) 
     
1,440 
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25 
7/20 at 100.00 
Aa3 
1,760,112 
2,250 
 
Fairfax County, Virginia, Public Improvement General Obligation Bonds, Series 2004B, 5.000%, 10/01/12 
No Opt. Call 
AAA 
2,259,113 
1,000 
 
Hampton, Virginia, General Obligation Bonds, Series 1998, 5.000%, 1/15/13 
No Opt. Call 
AA+ 
1,018,080 
1,000 
 
Loudoun County, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 
No Opt. Call 
AAA 
1,068,640 
   
4.000%, 7/01/14 
     
1,700 
 
Loudoun County, Virginia, General Obligation Bonds, Series 2006B, 5.000%, 12/01/25 
12/16 at 100.00 
AAA 
1,969,535 
1,000 
 
Newport News, Virginia, General Obligation Bonds, Serise 2004B, 5.000%, 1/15/13 
No Opt. Call 
Aa1 
1,018,080 
6,050 
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34 
7/20 at 100.00 
AA 
6,963,550 
1,280 
 
Portsmouth, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 4/01/15 – NPFG Insured 
No Opt. Call 
AA 
1,429,939 
610 
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 6.000%, 7/01/15 – 
No Opt. Call 
Baa1 
674,306 
   
NPFG Insured 
     
560 
 
Puerto Rico, General Obligation Bonds, Series 2004A, 5.000%, 7/01/15 – AGM Insured 
7/14 at 100.00 
AA– 
596,260 
895 
 
Richmond, Virginia, General Obligation Bonds, Refunding & Improvement Series 2012B, 
No Opt. Call 
AA+ 
909,114 
   
2.000%, 7/15/13 
     
1,535 
 
Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/15 
No Opt. Call 
AA+ 
1,756,961 
2,000 
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2003B, 5.000%, 5/01/15 
5/13 at 100.00 
AAA 
2,060,760 
1,500 
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2008A, 5.000%, 10/01/12 
No Opt. Call 
AAA 
1,506,045 
   
Virginia Beach, Virginia, General Obligation Bonds, Series 2008: 
     
4,500 
 
5.000%, 10/01/26 (UB) 
10/17 at 100.00 
AAA 
5,264,415 
4,500 
 
5.000%, 10/01/27 (UB) 
10/17 at 100.00 
AAA 
5,264,416 
31,820 
 
Total Tax Obligation/General 
   
35,519,326 
   
Tax Obligation/Limited – 31.3% (21.2% of Total Investments) 
     
200 
 
Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 
3/13 at 101.00 
N/R 
203,114 
   
6.750%, 3/01/22 
     
   
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf 
     
   
Course Project, Series 2005A: 
     
665 
 
5.250%, 7/15/25 – ACA Insured 
7/15 at 100.00 
N/R 
618,124 
520 
 
5.500%, 7/15/35 – ACA Insured 
7/15 at 100.00 
N/R 
470,080 
1,340 
 
Culpeper Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities 
1/15 at 100.00 
Aa3 
1,463,454 
   
Project, Series 2005, 5.000%, 1/01/20 – NPFG Insured 
     
1,375 
 
Cumberland County, Virginia, Certificates of Participation, Series 1997, 6.375%, 7/15/17 
No Opt. Call 
N/R 
1,525,246 
2,300 
 
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Joint Public 
5/16 at 100.00 
AA+ 
2,608,361 
   
Uses Community Project, Series 2006, 5.000%, 5/15/18 
     
   
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
     
1,020 
 
5.000%, 1/01/31 
1/22 at 100.00 
A
1,159,587 
500 
 
5.250%, 1/01/36 
1/22 at 100.00 
A
564,670 
5,600 
 
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005, 
6/15 at 100.00 
A+ 
5,878,096 
   
5.000%, 6/15/30 – NPFG Insured 
     
1,270 
 
James City County Economic Development Authority, Virginia, Lease Revenue Bonds, County 
7/15 at 100.00 
AA+ 
1,417,447 
   
Government Projects, Series 2005, 5.000%, 7/15/19 
     
890 
 
Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revnue 
2/18 at 100.00 
AA– 
985,631 
   
Bonds, Public Projects Series 2008, 5.000%, 2/01/29 
     
580 
 
Prince William County, Virginia, Certificates of Participation, County Facilities, Series 
6/15 at 100.00 
Aa1 
630,431 
   
2005, 5.000%, 6/01/20 – AMBAC Insured 
     
1,070 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.000%, 
No Opt. Call 
AA– 
1,070,835 
   
7/01/32 – AGM Insured 
     
680 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%, 
No Opt. Call 
Baa1 
682,128 
   
7/01/33 
     
   
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: 
     
545 
 
5.500%, 7/01/29 – AMBAC Insured 
No Opt. Call 
Baa1 
604,372 
1,290 
 
5.250%, 7/01/30 – AMBAC Insured 
No Opt. Call 
Baa1 
1,380,597 
5,455 
 
5.250%, 7/01/31 – AMBAC Insured 
No Opt. Call 
Baa1 
5,844,596 
955 
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, 
No Opt. Call 
Baa1 
956,815 
   
Series 1998, 5.000%, 7/01/28 
     
   
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, 
     
   
Series 2003: 
     
1,000 
 
5.250%, 7/01/15 – FGIC Insured 
7/13 at 100.00 
Baa2 
1,036,790 
1,500 
 
5.250%, 7/01/17 – FGIC Insured 
7/13 at 100.00 
Baa2 
1,555,185 
   
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A: 
     
5,000 
 
0.000%, 7/01/29 – AMBAC Insured 
No Opt. Call 
BBB+ 
2,005,950 
5,000 
 
0.000%, 7/01/43 – AMBAC Insured 
No Opt. Call 
BBB+ 
766,200 
   
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C: 
     
2,000 
 
5.500%, 7/01/26 – AMBAC Insured 
No Opt. Call 
BBB+ 
2,242,600 
5,875 
 
0.000%, 7/01/28 – AMBAC Insured 
No Opt. Call 
BBB+ 
2,537,589 
2,900 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 
7/18 at 100.00 
Baa1 
3,294,951 
   
2007M, 6.000%, 7/01/27 NPFG Insured 
     
   
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding 
     
   
Bonds, Series 2002D: 
     
665 
 
5.250%, 7/01/27 
11/12 at 100.00 
Baa1 
666,017 
320 
 
5.250%, 7/01/36 
11/12 at 100.00 
Baa1 
320,358 
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate 
     
   
Series 2009A: 
     
1,000 
 
5.750%, 8/01/37 
8/19 at 100.00 
A+ 
1,116,630 
3,400 
 
6.000%, 8/01/42 
8/19 at 100.00 
A+ 
3,817,044 
3,705 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
2/20 at 100.00 
A+ 
4,005,401 
   
2010A, 5.500%, 8/01/42 
     
3,195 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
3,644,600 
   
2010C, 6.000%, 8/01/39 
     
10,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
AA– 
2,054,700 
   
8/01/41 – NPFG Insured 
     
1,000 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 
No Opt. Call 
A3 
1,042,810 
   
6.250%, 7/01/13 
     
5
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 
No Opt. Call 
A3 
5,687 
   
5.500%, 7/01/18 – NPFG Insured 
     
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB: 
     
1,080 
 
5.250%, 7/01/17 – AMBAC Insured 
No Opt. Call 
A3 
1,202,926 
1,290 
 
5.250%, 7/01/22 – AGM Insured 
No Opt. Call 
AA– 
1,505,611 
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC: 
     
760 
 
5.500%, 7/01/28 – NPFG Insured 
No Opt. Call 
A3 
847,643 
1,000 
 
5.500%, 7/01/30 – AGM Insured 
No Opt. Call 
AA– 
1,222,350 
3,200 
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, 
8/16 at 100.00 
Baa2 
3,484,928 
   
Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 
     
   
5.000%, 8/01/23 – NPFG Insured 
     
500 
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, 
2/17 at 100.00 
BBB 
526,560 
   
Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 
     
   
5.000%, 2/01/37 – SYNCORA GTY Insured 
     
5,000 
 
Stafford County Economic Development Authority, Virginia, Public Project Lease Revenue Bonds, 
4/18 at 100.00 
AA– 
5,466,050 
   
Series 2008, 5.000%, 4/01/33 – AGC Insured (UB) 
     
880 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.375%, 
10/12 at 100.00 
BBB+ 
882,957 
   
10/01/19 
     
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 
10/19 at 100.00 
BBB+ 
1,096,120 
   
5.000%, 10/01/25 
     
1,950 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/20 at 100.00 
Baa2 
2,118,968 
   
Lien Series 2010B, 5.250%, 10/01/29 
     
1,665 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century 
2/19 at 100.00 
AA+ 
2,642,139 
   
College Program, Series 2009, Trust 09-3B, 13.305%, 2/01/27 (IF) (4) 
     
1,665 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century 
2/19 at 100.00 
AA+ 
2,642,139 
   
College Program, Series 2009, Trust 09-4B, 13.405%, 2/01/28 (IF) (4) 
     
985 
 
Virginia Gateway Community Development Authority, Prince William County, Special Assessment 
3/13 at 102.00 
N/R 
1,011,024 
   
Bonds, Series 2003, 6.375%, 3/01/30 
     
2,000 
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2009C, 
No Opt. Call 
AA+ 
2,088,500 
   
5.000%, 8/01/13 
     
95 
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Prerefunded-Pooled Loan Bond 
11/12 at 100.00 
AA 
95,360 
   
Program, Series 2002A, 5.000%, 5/01/19 
     
600 
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2010-A1, 
No Opt. Call 
AA+ 
620,448 
   
5.000%, 5/15/13 
     
2,000 
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor 
5/14 at 100.00 
AA+ 
2,155,000 
   
Development Program, Series 2004B, 5.000%, 5/15/15 
     
98,490 
 
Total Tax Obligation/Limited 
   
87,784,819 
   
Transportation – 18.2% (12.3% of Total Investments) 
     
1,000 
 
Capital Region Airport Authority, Richmond, Virginia, Revenue Bonds, Richmond International 
7/15 at 100.00 
AA– 
1,097,590 
   
Airport, Series 2005A, 5.000%, 7/01/18 – AGM Insured 
     
1,000 
 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Refunding 
No Opt. Call 
A– 
1,170,790 
   
Bonds, Series 1998, 5.500%, 7/01/25 – NPFG Insured 
     
   
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital 
     
   
Appriciation Series 2009B-2: 
     
4,000 
 
0.000%, 10/01/26 – AGC Insured 
No Opt. Call 
AA– 
2,132,960 
11,825 
 
0.000%, 10/01/34 – AGC Insured 
No Opt. Call 
AA– 
3,919,042 
1,135 
 
0.000%, 10/01/36 – AGC Insured 
No Opt. Call 
AA– 
334,802 
5,010 
 
0.000%, 10/01/39 – AGC Insured 
No Opt. Call 
AA– 
1,195,887 
   
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding 
     
   
Series 2010B: 
     
1,000 
 
5.000%, 10/01/12 (Alternative Minimum Tax) 
No Opt. Call 
AA– 
1,003,940 
750 
 
5.000%, 10/01/26 (Alternative Minimum Tax) 
10/20 at 100.00 
AA– 
863,625 
1,200 
 
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, 
10/18 at 100.00 
AA– 
1,342,776 
   
Series 2009C, 5.000%, 10/01/28 
     
   
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, 
     
   
Series 2010A: 
     
3,000 
 
5.000%, 10/01/30 
10/20 at 100.00 
AA– 
3,431,250 
275 
 
5.000%, 10/01/35 
10/20 at 100.00 
AA– 
309,273 
2,500 
 
Metropolitan Washington D.C. Airports Authority, Virginia, System Revenue Bonds, Series 2007B, 
10/17 at 100.00 
AA– 
2,649,875 
   
5.000%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax) 
     
6,700 
 
Metropolitan Washington D.C. Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
5,680,461 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
3,000 
 
Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 5.000%, 2/01/23 – NPFG Insured 
2/15 at 100.00 
BBB 
3,116,820 
3,000 
 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 
No Opt. Call 
A– 
3,506,730 
   
2002, 5.250%, 7/15/22 – FGIC Insured 
     
3,195 
 
Virginia Port Authority, Port Facilities Revenue Refunding Bonds Series 2010, 5.000%, 7/01/40 
7/19 at 100.00 
Aa3 
3,550,508 
3,415 
 
Virginia Port Authority, Revenue Bonds, Port Authority Facilities, Series 2006, 5.000%, 
7/13 at 100.00 
Aa3 
3,460,078 
   
7/01/36 – FGIC Insured (Alternative Minimum Tax) 
     
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
     
   
Crossing, Opco LLC Project, Series 2012: 
     
500 
 
5.250%, 1/01/32 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB– 
545,865 
5,000 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB– 
5,744,650 
5,500 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB– 
6,084,815 
63,005 
 
Total Transportation 
   
51,141,737 
   
U.S. Guaranteed – 24.0% (16.3% of Total Investments) (5) 
     
3,500 
 
Albemarle County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Martha 
10/12 at 100.00 
A+ (5) 
3,514,735 
   
Jefferson Hospital, Series 2002, 5.250%, 10/01/35 (Pre-refunded 10/01/12) 
     
1,750 
 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 
No Opt. Call 
AA– (5) 
2,186,433 
   
11/01/24 – AGM Insured (ETM) 
     
1,000 
 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM 
No Opt. Call 
AA– (5) 
1,204,240 
   
Insured (ETM) 
     
   
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2003: 
     
1,705 
 
5.250%, 7/15/14 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
BBB (5) 
1,777,582 
1,800 
 
5.250%, 7/15/15 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
BBB (5) 
1,876,626 
2,775 
 
5.250%, 7/15/23 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
BBB (5) 
2,893,132 
1,122 
 
Broad Street Community Development Authority, Virginia, Revenue Bonds, Series 2003, 7.500%, 
6/13 at 102.00 
N/R (5) 
1,200,248 
   
6/01/33 (Pre-refunded 6/01/13) 
     
   
Chesapeake, Virginia, General Obligation Bonds, Water and Sewerage Series 2003B: 
     
1,880 
 
5.000%, 6/01/21 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (5) 
1,948,056 
2,060 
 
5.000%, 6/01/23 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (5) 
2,134,572 
   
Dinwiddie County Industrial Development Authority, Virginia, Lease Revenue Bonds, Refunding 
     
   
Series 2004B: 
     
1,000 
 
5.125%, 2/15/16 (Pre-refunded 2/15/14) – NPFG Insured 
2/14 at 100.00 
A+ (5) 
1,069,920 
750 
 
5.000%, 2/15/24 (Pre-refunded 2/15/14) – NPFG Insured 
2/14 at 100.00 
A+ (5) 
801,645 
   
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Laurel Hill 
     
   
Public Facilities Projects, Series 2003: 
     
2,210 
 
5.000%, 6/01/14 (Pre-refunded 6/01/13) 
6/13 at 101.00 
AA+ (5) 
2,311,550 
1,165 
 
5.000%, 6/01/22 (Pre-refunded 6/01/13) 
6/13 at 101.00 
AA+ (5) 
1,218,532 
1,660 
 
Front Royal and Warren County Industrial Development Authority, Virginia, Lease Revenue Bonds, 
4/14 at 100.00 
AA– (5) 
1,781,213 
   
Series 2004B, 5.000%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured 
     
120 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
11/12 at 100.00 
A3 (5) 
121,338 
   
System Inc., Series 2002A, 5.600%, 11/15/30 (Pre-refunded 11/15/12) 
     
   
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Refunding Bonds, 
     
   
Public Facility Project, Series 2003: 
     
385 
 
5.000%, 3/01/19 (Pre-refunded 3/01/13) 
3/13 at 100.00 
N/R (5) 
394,259 
1,415 
 
5.000%, 3/01/19 (Pre-refunded 3/01/13) 
3/13 at 100.00 
AA+ (5) 
1,449,257 
1,000 
 
Loudoun County Sanitation Authority, Virginia, Water and Sewerage System Revenue Bonds, Series 
1/15 at 100.00 
AAA 
1,108,080 
   
2004, 5.000%, 1/01/26 (Pre-refunded 1/01/15) 
     
500 
 
Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2005B, 5.000%, 
6/15 at 100.00 
AAA 
563,940 
   
6/01/18 (Pre-refunded 6/01/15) 
     
1,185 
 
Lynchburg, Virginia, General Obligation Bonds, Series 2004, 5.000%, 6/01/21 (Pre-refunded 6/01/14) 
6/14 at 100.00 
AA+ (5) 
1,281,329 
1,000 
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A, 
10/12 at 100.00 
AA (5) 
1,003,890 
   
5.125%, 10/01/26 (Pre-refunded 10/01/12) – FGIC Insured (Alternative Minimum Tax) 
     
1,000 
 
Newport News, Virginia, General Obligation Bonds, Series 2003B, 5.000%, 11/01/22 
11/13 at 100.00 
Aa1 (5) 
1,055,640 
   
(Pre-refunded 11/01/13) 
     
2,145 
 
Newport News, Virginia, General Obligation Bonds, Series 2004C, 5.000%, 5/01/16 
5/14 at 101.00 
Aa1 (5) 
2,335,776 
   
(Pre-refunded 5/01/14) 
     
1,015 
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
12/13 at 100.00 
AA+ (5) 
1,074,499 
   
5.000%, 12/01/18 (Pre-refunded 12/01/13) 
     
145 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 
No Opt. Call 
A3 (5) 
182,023 
   
5.500%, 7/01/18 – NPFG Insured (ETM) 
     
710 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 
No Opt. Call 
AA– (5) 
924,995 
   
5.250%, 7/01/22 – AGM Insured (ETM) 
     
1,480 
 
Richmond, Virginia, General Obligation Bonds, Series 2004A, 5.000%, 7/15/21 (Pre-refunded 
7/14 at 100.00 
AA+ (5) 
1,611,276 
   
7/15/14) – AGM Insured 
     
620 
 
Richmond, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 7/15/17 (Pre-refunded 
7/15 at 100.00 
AA+ (5) 
702,758 
   
7/15/15) – AGM Insured 
     
   
Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 2002A: 
     
1,430 
 
5.000%, 10/01/17 (Pre-refunded 10/01/12) 
10/12 at 101.00 
AA+ (5) 
1,449,977 
1,950 
 
5.000%, 10/01/18 (Pre-refunded 10/01/12) 
10/12 at 101.00 
AA+ (5) 
1,977,242 
2,435 
 
5.000%, 10/01/19 (Pre-refunded 10/01/12) 
10/12 at 101.00 
AA+ (5) 
2,469,017 
1,280 
 
Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 2002B, 5.000%, 10/01/15 
10/12 at 101.00 
AA+ (5) 
1,297,882 
   
(Pre-refunded 10/01/12) – FGIC Insured (Alternative Minimum Tax) 
     
   
Spotsylvania County Industrial Development Authority, Virginia, Lease Revenue Bonds, School 
     
   
Facilities, Series 2003B: 
     
1,110 
 
4.375%, 8/01/20 (Pre-refunded 8/01/13) – AMBAC Insured 
8/13 at 100.00 
N/R (5) 
1,151,292 
2,000 
 
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured 
8/13 at 100.00 
N/R (5) 
2,088,120 
1,000 
 
Staunton, Virginia, General Obligation Bonds, Series 2004, 6.250%, 2/01/25 (Pre-refunded 
2/14 at 101.00 
Aa2 (5) 
1,095,450 
   
2/01/14) – AMBAC Insured 
     
1,260 
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Series 
6/13 at 100.00 
N/R (5) 
1,304,831 
   
2003B, 5.000%, 6/01/21 (Pre-refunded 6/01/13) 
     
6,510 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, 
6/15 at 100.00 
Aaa 
7,096,942 
   
Series 2005, 5.500%, 6/01/26 (Pre-refunded 6/01/15) 
     
2,295 
 
Virginia Beach Development Authority, Public Facilities Revenue Bonds, Series 2005A, 5.000%, 
5/15 at 100.00 
AA+ (5) 
2,579,626 
   
5/01/22 (Pre-refunded 5/01/15) 
     
2,100 
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2005, 5.000%, 1/15/20 
1/16 at 100.00 
AAA 
2,421,930 
   
(Pre-refunded 1/15/16) 
     
2,540 
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005C, 
8/15 at 100.00 
AA+ (5) 
2,876,245 
   
5.000%, 8/01/17 (Pre-refunded 8/01/15) 
     
63,007 
 
Total U.S. Guaranteed 
   
67,536,098 
   
Utilities – 2.2% (1.5% of Total Investments) 
     
5,500 
 
Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg 
10/12 at 100.00 
Baa1 
5,509,569 
   
Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) 
     
730 
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 
7/17 at 100.00 
Baa3 
774,266 
   
2007A, 5.000%, 7/01/24 
     
6,230 
 
Total Utilities 
   
6,283,835 
   
Water and Sewer – 4.7% (3.1% of Total Investments) 
     
   
Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, 
     
   
Series 2001: 
     
1,265 
 
5.500%, 11/15/17 – AGM Insured 
No Opt. Call 
AA– 
1,497,798 
3,000 
 
5.500%, 11/15/19 – AGM Insured 
No Opt. Call 
AA– 
3,692,878 
3,300 
 
Virginia Beach, Virginia, Water and Sewer System Revenue Bonds, Series 2005, 5.000%, 10/01/30 
10/15 at 100.00 
AAA 
3,677,914 
3,050 
 
Virginia State Resources Authority, Clean Water Revenue Bonds, Series 2007, Trust 3036, 
No Opt. Call 
AAA 
4,196,495 
   
13.380%, 10/01/15 (IF) 
     
10,615 
 
Total Water and Sewer 
   
13,065,085 
$ 474,487 
 
Total Investments (cost $386,452,201) – 147.5% 
   
414,180,518 
   
Floating Rate Obligations – (3.3)% 
   
(9,250,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (45.4)% (6) 
   
(127,408,000) 
   
Other Assets Less Liabilities – 1.2% 
   
3,357,475 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 280,879,993 
 
 
 
 

 

 
Fair Value Measurements
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
     Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
     Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
     Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurments as of the end of the reporting period:
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long–Term Investments: 
                       
     Municipal Bonds 
  $     $ 414,180,518     $     $ 414,180,518  
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At August 31, 2012, the cost of investments was $376,982,384.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2012, were as follows:
   
Gross unrealized: 
 
     Appreciation 
$33,151,020 
     Depreciation 
(5,202,886) 
Net unrealized appreciation (depreciation) of investments 
$27,948,134 
 
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
   
shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may 
   
be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service, Inc. 
   
("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB 
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of 
   
these national rating agencies. 
(4) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(5) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(6) 
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.8%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
 

 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
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)  Nuveen Virginia Premium Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         October 30, 2012        
 
Pursuant to the requirements of the Securities 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.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         October 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         October 30, 2012