Nuveen Virginia Premium Income Municipal Fund to offer shares

By Toni Weeks

San Luis Obispo, Calif., Oct. 7 - Nuveen Virginia Premium Income Municipal Fund plans to sell its common shares in a public offering, according to a 497 filing with the Securities and Exchange Commission.

The diversified, closed-end, management investment company seeks to provide current income exempt from both regular federal and Virginia state income taxes. The fund's secondary objective is to enhance portfolio value relative to the Virginia municipal bond market by investing in underrated or undervalued securities.

Under normal circumstances, the fund will invest at least 80% of its managed assets in municipal securities and other related investments, the income from which is exempt from regular federal and Virginia income taxes. The fund typically invests primarily in investment-grade securities but may invest up to 20% of its managed assets in securities related below investment grade.

Thomas C. Spalding is the fund's portfolio manager.

The fund will offer 1.7 million shares. The fund's shares closed at $12.33 (NYSE: NPV) on Friday.

Shareholder transaction expenses include a 4% maximum sales charge. Annual expenses of 1.74% include management fees of 0.91%.

Chicago-based Nuveen Fund Advisors, LLC is the fund's investment adviser.

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