The Fidelity Conservative Income Municipal Bond Fund (FMNDX) is a mutual fund that focuses on providing a stable and conservative income through investments in municipal bonds. This fund is designed for institutional investors and aims to provide a low-risk option for those seeking income from their investments. With a focus on municipal bonds, which are issued by state and local governments, this fund offers tax-exempt income for investors. The institutional class designation indicates that this fund is intended for larger investors, such as corporations or pension funds. Overall, FMNDX is a conservative option for investors looking for steady income with minimal risk.