WITNESSETH:

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                                                                EXHIBIT 99.2p




                   NUVEEN PREMIUM INCOME MUNICIPAL FUND, INC.

                             Subscription Agreement

     This Agreement made this 12th day of July, 1988 by and between Nuveen
Premium Income Municipal Fund, Inc., a Minnesota corporation (the
"Corporation"), and Nuveen Advisory Corp., a Delaware corporation (the
"Subscriber");

                                  WITNESSETH:

     WHEREAS, the Corporation has been formed for the purposes of carrying on
business as a closed-end diversified management investment company; and

     WHEREAS, the Subscriber has been selected by the Corporation's Board of
Directors to serve as investment adviser to the Corporation; and

     WHEREAS, the Subscriber wishes to subscribe for and purchase, and the
Corporation wishes to sell to the Subscriber, 7,118 shares of common stock for a
purchase of $14.05 per share;

     NOW THEREFORE, IT IS AGREED:

     1.   The Subscriber subscribes for and agrees to purchase from the
Corporation 7,118 shares of its common stock for a purchase price of $14.05 per
share. Subscriber agrees to make payment for these shares at such time as demand
for payment may be made by an officer of the Corporation.

     2.   The Corporation agrees to issue and sell said shares to Subscriber
promptly upon its receipt of the purchase price.

     3.   To induce the Corporation to accept its subscription and issue the
shares subscribed for, the Subscriber represents that it is informed as follows:

          (a) That the shares being subscribed for have not been and will not be
     registered under the Securities Act of 1933 ("Securities Act");

          (b) That the shares will be sold by the Corporation in reliance on an
     exemption from the registration requirements of the Securities Act;

          (c) That the Corporation's reliance upon an exemption from the
     registration requirements of the Securities Act is predicated in part on
     the representations and agreements contained in this Subscription
     Agreement;

          (d) That when issued, the shares will be "restricted securities" as
     defined in paragraph (a)(3) of Rule 144 of the General Rules and
     Regulations under the Securities Act ("Rule 144") and cannot be sold or
     transferred by Subscriber unless they are subsequently registered under the
     Securities Act or unless an exemption from such registration is available;



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          (e) That there do not appear to be any exemptions from the
     registration provisions of the Securities Act available to the Subscriber
     for resale of the shares. In the future, certain exemptions may possibly
     become available, including an exemption for limited sales including an
     exemption for limited sales in accordance with the conditions of Rule 144.

The Subscriber understands that a primary purpose of the information
acknowledged in subparagraphs (a) through (e) above is to put it on notice as to
restrictions on the transferability of the shares.

     4.   To further induce the Corporation to accept its subscription and issue
the shares subscribed for, the Subscriber:

          (a) Represents and warrants that the shares subscribed for are being
     and will be acquired for investment for its own account and not on behalf
     of any other person or persons and not with a view to, or for sale in
     connection with, any public distribution thereof; and

          (b) Agrees that any certificates representing the shares subscribed
     for may bear a legend substantially in the following form:

              The shares represented by this certificate have been acquired for
              investment and have not been registered under the Securities Act
              of 1933 or any other federal or state securities law. These shares
              may not be offered for sale, sold or otherwise transferred unless
              registered under said securities laws or unless some exemption
              from registration is available.

     5.   This Subscription Agreement and all of its provisions shall be binding
upon the legal representatives, heirs, successors and assigns of the parties
hereto.

     IN WITNESS WHEREOF, this Subscription Agreement has been executed by the
parties hereto as of the day and date first above written.

NUVEEN PREMIUM INCOME MUNICIPAL FUND, INC.

   
By:     /s/ Xxxxx X. Xxxxxxxxxx
    ----------------------------



NUVEEN ADVISORY CORP.

   
By:      /s/ Xxxx X. Xxxxxxx
    ----------------------------

07861