The PIMCO National Intermediate Municipal Bond Fund Inst (PMNIX) is a mutual fund that primarily invests in intermediate-term municipal bonds issued by state and local governments in the United States. These bonds are typically used to fund public projects such as schools, roads, and utilities. The fund aims to provide investors with a steady stream of tax-free income while also preserving capital. As an institutional fund, it is designed for larger investors such as institutions and high net worth individuals. The fund is managed by PIMCO, a global investment management firm known for its expertise in fixed income investments.