Bonds??

Total Novice here, looking at Fidelity New York Municipal Income FTMFX and
2007 return was 3.3, 10 year was 5.1. I am a NY resident, what would the
taxable equivalent be? Thank you

Depends on your combined Fed & State income tax level. If you divide the Muni fund yield by 1 - (combined Fed + St tax rate) you'll get a close approximation.