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B6 Business | | SUNDAY, MAY 12, 2019 2 R is how the most expensive places maintain their places at the top of the national and world economy. Hardly a day goes by that urban scholars and others on social media and else- where don’t scold Silicon Valley, San Francisco or even Seattle for scandalous unaffordability. Indeed, it’s crazy to any- one who remembers the post-WorldWar II decades whenmiddle-wage jobs were plentiful, and wages were growing for almost everyone. In 1960, a “super- star city” was one with large numbers of factories and good union jobs, coexisting with corporate headquar- ters and banks. Back then, Detroit was not synonymous with urban collapse and Seattle was a heavily blue-collar city. This was even true of San Fran- cisco. San Jose was in the middle of an agricultural empire, the lyrical Valley of Heart’s Delight. Hewlett- Packard, Stanford Universi- ty and a few other precur- sors of Silicon Valley were nearby, but an average worker could afford a house. And yet…And yet, today the apocalypse has yet to arrive. Amoral reckoning where the lower-paidmass- es grab their pitchforks and head bloody-minded for the mansions on the Peninsula or the Valley’s shiny tech headquarters? An economic rebalancing where compa- nies and talented workers flee to less expensive places such as Toledo? more than 49%of its work- force was lowwage, nearly 30%was opportunity em- ployment. The national average of opportunity jobs is 21.6%. This report has its limita- tions. For example, fewer people have beenmoving to get better jobs in recent years. And the labor force of, say, Toledo could absorb only somany newcomers before the Goldilocks effect evaporated. The situation is alsomore complex inmetro Seattle than it appears in the rank- ings. For example, construc- tion employment in Seattle- Tacoma-Bellevue has been hovering at record levels. Last year, construction occupations had an average annual wage of $64,890, according to the U.S. Labor Department. The earnings are better than the national average and, apparently, enough to keep workers coming, even with a much higher cost of living. Also, Seattle is unusual among star coastal metros in having substantial sectors (aircraft assembly, ports andmaritime, transporta- tion and logistics) that can provide work for those without bachelor’s degrees. This helps to explain why our share of opportunity jobs is higher than the na- tional average. The region still offers some relatively affordable areas compared with the Bay Area, New York, Wash- ington or Boston, too. Still, an enduringmystery grees. Toledo, Ohio, leads the top 10 best cities for such “opportunity jobs.” Also on the list: Des Moines, Iowa; St. Louis; Cedar Rap- ids, Iowa; Cleveland; and Kansas City. It’s not exclu- sive to the heartland. An- chorage is No. 2. Birming- ham, Alabama, and Lexing- ton, Kentucky, also are among the leaders. Metros with the least such jobs areWashington, D.C., New York City, Los Angeles, Miami and Silicon Valley. Among the opportunity jobs with the largest growth nationally are plumbers, pipefitters and steamfitters; registered nurses (not all require a baccalaureate degree); heating, air condi- tioning, and refrigeration mechanics and installers; and construction workers and supervisors. In examining Seattle-Ta- coma-Bellevue, the study found that only about a quarter of positions were opportunity jobs. Higher- wage jobs requiring a bach- elor’s degree were 33%of the mix, while more than 42%were lowwage. The metro ranked 62 out of 121 in the opportunity employment share. Portland scored better, at 27, mainly because it had fewer high-wage college degree-required jobs. On the other hand, Spo- kane-Spokane Valley clocked in as the nation’s ninth best. Even though < Talton FROM D1 Biggest funds Fund obj Wkly % return YTD % return 5-yr % return American Funds A AmcpA p XC -1.9 +14.1 +10.3 American Funds A AMutlA p LC -1.2 +9.6 +9.0 American Funds A BalA p BL -1.1 +8.6 +7.6 American Funds A BondA p IB +0.3 +3.2 +2.3 American Funds A CapIBA p GL -1.2 +8.1 +4.0 American Funds A CapWGA p GL -2.5 +12.6 +5.8 American Funds A FdInvA p LC -2.3 +13.3 +10.5 American Funds A GwthA p LG -1.9 +15.8 +12.2 American Funds A IncoA p BL -1.3 +8.4 +5.7 American Funds A ICAA p LC -1.8 +12.4 +9.0 American Funds A N PerA p GL -2.7 +15.4 +9.3 American Funds A SmCpA p GL -1.5 +18.1 +8.9 American Funds A WshA p LC -1.5 +11.9 +9.9 BlackRock Instl StrIncoOpp GT -0.3 +2.8 +2.4 DFA Funds IntlCorEq IL -2.9 +10.2 +2.3 DFA Funds USCorEq1 XC -2.3 +16.3 +9.9 DFA Funds USCorEq2 XC -2.3 +16.0 +8.8 Dimensional Fds EmMCrEq EM -4.0 +6.0 +2.6 Dimensional Fds USLgVa XV -2.2 +11.9 +7.7 Dodge&Cox Income IB +0.1 +4.2 +3.0 Dodge&Cox IntlStk IL -3.9 +10.0 +0.6 Dodge&Cox Stock LV -2.5 +12.8 +9.4 DoubleLine Funds TRBd I MT +0.3 +2.3 +3.1 Fidelity Invest Balanc BL -1.7 +12.6 +8.0 Fidelity Invest BlueChGr LG -3.1 +19.0 +15.3 Fidelity Invest Contra LG -2.3 +17.7 +13.3 Fidelity Invest GroCo XG -2.7 +20.8 +15.9 Fidelity Invest InvGrBd IB +0.2 +3.9 +2.9 Fidelity Invest LowP r MV -1.4 +11.5 +6.8 Fidelity Invest Puritn BL -1.6 +10.7 +8.0 Fidelity Invest SptnExMAd SC -2.2 +18.5 +9.1 Fidelity Spart Adv 500Index I SP -2.1 +15.8 +11.2 Fidelity Spart Adv IntlIdx I IL -2.6 +10.6 +2.2 Fidelity Spart Adv TmktsIdx I XC -2.1 +16.2 +10.8 Fidelity Spart Adv USBond I IB +0.2 +3.1 +2.5 Frank/Temp Frnk A IncomA p BL -0.9 +10.3 +3.5 Harbor Funds CapApInst LG NA NA NA JPMorgan R Cl CoreBond IB +0.3 +3.1 +2.7 Lord Abbett F ShtDurInco SB +0.3 +2.6 +2.2 MFS Funds I ValueI LV -1.6 +15.5 +8.7 Metro West Fds TotRtBdI IB +0.3 +3.5 +2.5 Oppenheimer Y DevMktY EM NA NA NA PIMCO Instl PIMS TotRt IB +0.4 +3.4 +2.7 PIMCO Funds Instl Income GT NA NA NA Price Funds BlChip LG -2.0 +18.6 +16.0 Price Funds EqIndex SP -2.1 +15.7 +10.9 Price Funds Growth LG -2.3 +18.0 +14.7 Price Funds InstlCpG LG -2.1 +16.2 +16.3 Price Funds MidCap MG -1.5 +19.2 +13.2 Price Funds N Horiz MG -0.9 +24.5 +16.9 Price Funds Value LV -1.3 +14.6 +7.9 Prudential Fds Z&I TotRetBdZ IB +0.3 +4.4 +3.6 Schwab Funds S&P Sel SP -2.1 +15.8 +11.1 Vanguard Admiral BalAdml BL -1.2 +10.9 +7.6 Vanguard Admiral EqInAdm n EI -1.6 +12.3 +9.4 Vanguard Admiral ExtdAdm SC -2.2 +18.6 +9.1 Vanguard Admiral 500Adml SP -2.1 +15.8 +11.2 Vanguard Admiral HlthCr HB -1.8 +2.6 +8.9 Vanguard Admiral HiYldCp HC -0.4 +8.8 +4.6 Vanguard Admiral IntGrAdm IL -4.1 +16.5 +7.2 Vanguard Admiral ITAdml IM +0.4 +3.5 +3.1 Vanguard Admiral ITGrAdm IB +0.3 +4.4 +3.2 Vanguard Admiral LtdTrAd SM +0.1 +1.8 +1.5 Vanguard Admiral MCpAdml MC -1.9 +18.9 +9.5 Vanguard Admiral PrmCap r LC -3.0 +11.6 +13.1 Vanguard Admiral STIGrAd SB +0.2 +2.6 +2.0 Vanguard Admiral SmCAdm SC -2.4 +18.5 +9.1 Vanguard Admiral TtlBAdml IB +0.2 +3.2 +2.5 Vanguard Admiral TotIntlBd WB +0.2 +3.3 +4.0 Vanguard Admiral TStkAdm XC -2.1 +16.2 +10.8 Vanguard Admiral WellslAdm BL -0.5 +7.3 +5.6 Vanguard Admiral WelltnAdm BL -1.1 +10.0 +7.6 Vanguard Admiral WdsrIIAd LV -1.8 +14.6 +7.7 Vanguard Fds InsTRet2020 MP -1.2 +8.6 NS Vanguard Fds InsTRet2025 MP -1.4 +9.6 NS Vanguard Fds InsTRet2030 MP -1.6 +10.5 NS Vanguard Fds InsTRet2035 MP -1.8 +11.3 NS Vanguard Fds InsTRet2040 MP -2.0 +12.0 NS Vanguard Fds InsTRet2045 MP -2.2 +12.6 NS Vanguard Fds DivdGro EI -0.8 +16.3 +10.9 Vanguard Fds STAR BL -1.6 +10.8 +6.7 Vanguard Fds TgRe2020 MP -1.2 +8.5 +5.7 Vanguard Fds TgtRe2025 MP -1.5 +9.6 +6.1 Vanguard Fds TgRe2030 MP -1.6 +10.4 +6.5 Vanguard Fds TgtRe2035 MP -1.8 +11.2 +6.8 Vanguard Fds TgtRe2040 MP -2.0 +12.0 +7.1 Vanguard Fds TgtRe2045 MP -2.2 +12.6 +7.2 Vanguard Idx Fds TotlIntl IL -3.0 +10.0 +2.4 Vanguard Instl Fds InstIdx SP -2.1 +15.8 +11.2 Vanguard Instl Fds InsTStPlus XC -2.1 +16.3 +10.9 Best performers Fund obj Wkly % return YTD % return 5-yr % return Rydex Dynamic InvNasdSt H SQ +6.8 -31.6 -32.7 Rydex Dynamic InvSP5St H SQ +4.4 -25.1 -22.5 Oppenheimer Y SteelpAlpha NR +3.4 +23.3 -7.7 Rydex Investor InvNasdInvs SQ +3.4 -16.6 -16.7 Oppenheimer Y Alpha Y NR +2.6 +16.7 -4.3 Rydex H Class InvRusSt SQ +2.6 -14.4 -10.5 Rydex Investor InvS&P5St SQ +2.2 -13.0 -11.0 Oppenheimer Y Sel40 Y NR +2.2 +13.2 -2.5 Oppenheimer A Income A NR +2.1 +20.4 -3.3 PIMCO Funds Instl StkPlsShrt SQ +2.1 -11.4 -8.8 Leuthold Funds GrizzlyShrt SQ +1.9 -20.2 -12.4 Federated Instl FPruBearIS SQ +1.7 -12.5 -12.9 Kinetics Funds Internet TK +1.3 +24.7 +8.5 Wasatch USTryFd LU +1.2 +4.4 +5.1 Northeast Investors Trust MP +1.2 +3.3 -2.2 Tortoise Capital MLP&P Inst NR +1.2 +19.7 -1.7 ProFunds Inv Cl USGovPlus GT +1.1 +4.4 +4.4 Kinetics Funds Global GL +1.1 +18.3 +3.5 GAMCO Funds GoldAAA AU +1.0 -0.5 -1.5 Fidelity Selects Gold r AU +1.0 -2.3 -2.5 Forum Funds AbsStrI r MP +1.0 -3.6 -2.3 Vanguard Admiral LTsyAdml LU +0.9 +3.7 +4.7 Midas Funds Midas Fd t AU +0.9 -0.9 -6.3 Weitz Funds PIIIOpp I SQ +0.9 +29.1 +5.6 Price Funds USTLg LU +0.8 +3.6 +4.1 Fidelity Invest SAI LTTrs LU +0.8 +3.7 NS Fidelity Selects HltcreSvc r HB +0.8 -2.9 +12.3 PIMCO Instl PIMS LTUSG LU +0.7 +3.6 +4.5 Invest Managers MLP&Engy NR +0.7 +16.1 -3.9 AMG Managers GWKMuE I HM +0.7 +6.3 +5.5 Worst performers Fund obj Wkly % return YTD % return 5-yr % return Direxion Fds EmgMBull p SQ -10.2 +12.0 -1.4 Matthews Asian China Inv PR -6.8 +20.3 +9.7 : SchdSmCV r SV -6.8 +13.1 -0.2 US Global Investors ChinaReg PR -6.7 +11.4 +3.3 Oberweis Funds ChinaOpp PR -6.6 +18.3 +5.3 Rydex Dynamic NasdStrH SQ -6.5 +41.0 +30.3 Fidelity Advisor I Electronic TK -6.4 +28.8 +21.1 Guinness Atkinson ChinaHK PR -6.4 +15.1 +7.6 Fidelity Selects Electr TK -6.4 +28.8 +21.3 BlackRock A PacA r PR -6.3 +10.7 +3.9 Invest Managers TowleDpV SV -6.3 +11.9 +3.0 Neuberg&Berm Fds GtChinEq I PR -5.8 +18.9 +15.0 John Hancock A GtChinaOp PR -5.6 +11.5 +7.4 Ultimus LyricUSV I XC -5.4 +13.1 +5.3 Rydex Investor ElectInv TK -5.4 +26.9 +17.2 Ivy Funds EmMkEq I EM -5.3 +11.3 +5.6 ProFunds Inv Cl InternetUlt SQ -5.3 +34.7 +30.5 Fidelity Invest ChinaRg r PR -5.2 +17.1 +8.7 Columbia Class A GrChinaA PR -5.2 +20.2 +10.9 Guinness Atkinson AsiaFocus PR -5.2 +16.8 +6.6 Baron Funds Discov Inst SG -5.1 +18.8 +14.5 Fidelity Selects Chem SE -5.1 +4.9 +4.1 Hartford Fds A SMdCpEq p SV -5.0 +15.4 +5.8 Matthews Asian AsiaSciTInv PR -5.0 +14.5 +8.9 ProFunds Inv Cl BasicMatls SQ -4.9 +9.1 +1.2 BlackRock Instl GlbEmgMk r EM -4.9 +10.0 +4.1 Fidelity Advisor A EAsiaA t EM -4.9 +14.8 +8.2 Bernstein Fds EmMkts EM -4.9 +11.3 +1.7 Fidelity Invest EmergAs r EM -4.8 +14.8 +8.3 SEI Portfolios EmMkt p EM -4.8 +7.4 +1.8 Footnotes: e: Ex capital-gains distribution. f: Previous day{rsquo}s quote. n or nl: No upfront sales charge. p: Fund assets are used to pay for distribution costs. r: redemption fee or contingent deferred sales load may apply. s: Stock dividend or split. t: Both p and r. x: Ex cash dividend. NE: Data in question. NS: Fund did not exist at the start date. NA: No information available. Key to abbreviations and footnotes: Fund objectives: AB: Long-term top-grade corporate and govern- ment bonds. AU: Gold oriented. BL: Balanced. EI: Equity income. EM: Emerging markets. EU: European region. GL: Global (includes U.S.). GM: General municipal bond. GT: General taxable bond.0 HB: Health and biotech. HC: High-yield taxable bond. HM: High-yield municipal bond. IB: Intermediate-term investment-grade corporate bond. IG: Intermediate-term Treasury/government debt. IL: Winners and losers: A mutual-fund scorecard Fund Tracker Weekly spotlight on mutual fund performance Emerging markets YTD % return Motley Fool Fds EpicVoyag +16.8 Voya Funds Cl A RussiaA p +16.8 Fidelity Invest EmrMk +15.8 Fidelity Advisor I FAEmMktI +15.7 Fidelity Advisor A EAsiaA t +14.8 Equity income YTD % return FAM Funds EqtyInc +19.3 Parnassus Funds ParnEqty +16.3 Vanguard Fds DivdGro +16.3 ClearBridge DivStrat A +16.1 Legg Mason A CBATacDiv +15.9 Health | biotech YTD % return Fidelity Selects Biotch +13.6 Hartford Fds A Hlthcare p +10.4 Price Funds HlthSci +10.0 Fidelity Selects MdEqSys +9.6 Rydex Investor Biotech +9.1 Global YTD % return Baron Funds GblAdv Ins +29.0 HrzSO&Re +26.8 Motley Fool Fds Independ r +23.8 Columbia Class A MarisKGbl +23.3 Kinetics Funds SmCap +21.2 International YTD % return Westcore IntlFrntr r +27.3 Oberweis Funds IntlOp Ins +19.1 Oberweis Funds IntlOpp t +18.9 Marsico Funds IntlOpp p +18.4 VirtusZevenb Funds IntlEqI +18.2 Large-cap core YTD % return Weitz Funds Value Inv +20.9 Amer Century Inv LegFocLC +19.9 HilmnFcAdv p +19.5 FPA Funds Peren +19.1 Diamond Hill Fds LgCapI +18.7 Mid-cap core YTD % return RS Funds Value A +20.3 Wells Fargo Ad Ins C&BMCVI +20.3 Touchstone Family MidCap Y +19.9 ClearBridge MidCCor A +19.5 Motley Fool Fds GreatAmer +19.4 Small-cap core YTD % return Oberweis Funds MicroCap +26.1 Williamsburg Inv DavnptSCp +22.8 Amer Century Inv SmCpVal +22.3 Keeley Funds SmCpVlA p +22.0 Neuberg&Berm Fds IntrinVInst +22.0 Natural resources YTD % return Oppenheimer Y SteelpAlph +23.3 Oppenheimer A Income A +20.4 Tortoise Capital MLP&P Ins +19.7 Integrity Viking WillBasA p +18.4 Fidelity Selects NtGas +17.5 Pacific region YTD % return Matthews Asian China Inv +20.3 Columbia Class A GrChinaA +20.2 Neub.&Berm Fds GtChinEq I +18.9 Oberweis Funds ChinaOpp +18.3 Fidelity Invest ChinaRg r +17.1 Science | technology YTD % return Firsthand Funds TechOpp r +30.9 Fidelity Selects Electr +28.8 Fidelity Advisor I Electronic +28.8 RS Funds TechnolA +28.4 BlackRock Instl SciTchOpp +28.0 Gold oriented YTD % return USAA Group PrecMM +0.3 Invest Managers EurPGld A +0.3 GAMCO Funds GoldAAA -0.5 Midas Funds Midas Fd t -0.9 Invesco Funds A GoldPrec p -1.2 Sector YTD % return Fidelity Selects CstHo +22.9 ICON Fds Industr S +21.3 Fidelity Selects Industial +21.2 Fidelity Advisor A IndusA +21.2 Fidelity Selects Multmd +21.2 Balanced YTD % return Value Line Fd Inc&GrInv +17.9 Virtus Funds A TactAllA +16.6 Amer Century Inv OneChVAg +15.1 Value Line Fd AstAlc Inv +14.7 Frank/Temp Frnk A CoreAll p +14.7 Intermediate bond YTD % return Invest Managers SelectInc I +6.2 Deutsche Trust CorPlsInc +5.6 William Blair I BondFdI +5.2 USAA Group IntTerBd +5.0 Virtus Funds I BondI +4.8 Long-term bond YTD % return Del Inv Instl ExtDurI +8.2 Vanguard Admiral LTGrAdml +7.1 Del Inv Instl CorpBdI +7.1 Invesco Funds A CorpBdA +6.9 MorganStanley Inst InvGrFxInI +6.7 Long-term U.S. YTD % return Wasatch USTryFd +4.4 Vanguard Admiral LTsyAdml +3.7 Fidelity Invest SAI LTTrs +3.7 PIMCO Instl PIMS LTUSG +3.6 Price Funds USTLg +3.6 Mortgage YTD % return Putnam Funds A USGvA p +5.1 Managed Acct Srs US MgInst +2.8 PACE Funds P MgBkd Inv +2.7 PIMCO Instl PIMS MgBkSec r +2.7 PIMCO Funds Instl FdsGNMA +2.7 old and several residences in the past; most tax prepar- ers keep copies of your documents for the life of your advisory relationship, so youmay have backup there too. Your “support docu- ments” —bills, receipts, tax forms on which you based your math—must be kept for three years after a return is due. Thus, when you put your 2018 return in the filing cabinet, you can purge the bulging file of stuff from the 2014 return (filed in 2015, so the three- year holding period has passed). If you’re cautious and have multiple sources of income, keep forms related to income (like 1099s and W-2 forms) for six years, the time the IRS has to chal- lenge returns on which it believes gross income was underreported by 25%or more. Investment papers: Beginning in 2011, broker- age houses and investment firms provide cost informa- tion on stock purchases, mutual funds, options, bonds and other securities. That means you can get rid of old trading confirma- tions, but don’t be too quick to set them ablaze. Finan- cial-services firms had to establish/maintain records beginning in 2011 for stocks, 2012 for mutual funds, etc., but some firms don’t have data on purchas- es made before the rules, especially if you have hold- ings that have been in the portfolio for decades. Most firms will work with customers to build records from the past; once their accounting reflects the papers you saved, you can consider the numbers reli- able and get rid of the back- up junk. Beyond trading confirma- tions, shred investment papers you don’t need. Year-end statements show yearly transactions, allow- ing you to examine a year’s worth of activity on one paper while discarding all monthly/quarterly docu- ments except that last one; files get a lot slimmer when your annual activity is sum- marized on one paper. Pay stubs, bank state- ments, canceled checks and consumer bills/re- ceipts: Your last paystub of the year or of your time with the employer is useful for cross- checking tax reporting, getting the value of dona- tions made through payroll deductions and, depending on circumstances, recording the amount of money you paid for health-care cover- age; all the rest —provided you got what you are enti- tled to and there are no disputes —have no value whatsoever. Canceled checks today generally are mini images on a bank statement. You don’t need to keep records showing that you bought groceries or made a copay at the doctor’s office in 2010 or, worse, 1997. You should have clipped images with tax ramifications — charita- ble contributions, mortgage or tax payments, home improvements, medical expenses and the like — making your support docu- mentation. Clip those few images and balance your checkbook—or, more like- ly, just accept what the bank says about your account — then shred the rest. Old credit-card state- ments, utility bills, depart- ment-store and service-sta- tion charge-card bills and the like also get shredded in most circumstances. Any- thing covering tax-deduct- ible expenses — like electric bills for an office at home where you deduct utility costs — is a support docu- ment. If you used a credit card to pay for home-im- provement expenses — which have tax implications — you’ll want to squirrel that record away for use when you sell the home someday. There are a few special situations. In divorce cases, records can be important in determining who pays a child’s bills and, therefore, gets to claim a dependent on tax returns. Warranties and buyer-protection plans —where the date of pur- chase is important — are worth keeping while they are in force. Keep bills on which there were disputed charges, fraudulent card use or other problems — along with notes on how and when those issues were resolved— just in case any negative information from the incident shows up on your credit report. Chuck Jaffe is a nationally syndicated financial columnist, editor at RagingBull.com, and the host of “MoneyLife with Chuck Jaffe.” You can reach him at itschuckjaffe@gmail.com and tune in at moneylifeshow.com . Copyright,2019 J Features SPRING CLEANING OF FINANCIAL PAPERS Your Funds Chuck Jaffe Syndicated columnist A friend of mine recent- ly held a “moving party,” inviting a bunch of friends not to say “bon voyage” but to actually helpmove her into new digs just one town away. When the time came to start working, the hostess directedme to start with a big filing cabinet. It was filled with files stuffed with papers, mostly old bills, checks, bank statements and tax returns. As I started to remove the drawers so I couldmove things more easily, she stoppedme and toldme she didn’t want to “move one unnecessary scrap of paper,” and she was leavingme to decide what she had to keep and what could be bagged up and taken to a shredder or incin- erator. Still the job was easy, and much less daunting thanmy friend expected. Most people keep too much paperwork around because they don’t know what to get rid of and don’t have a plan to trim the ex- cess. That applies not only to papers but to personal information online and on their devices. Whether you’re waiting for a move or cleaning up annually — I prune papers each year after puttingmy latest tax return into the files —here’s a quick run- down on what to keep and what to junk, both in terms of paperwork and computer files: Tax records: You can reduce tax returns to several small stacks of paperwork, or a thin folder, provided you’re not filing fraudulent returns (with no statute of limitations in fraud cases, old backup paperwork actually could help). Old tax returns — espe- cially from years when you bought or sold property — can be important for com- piling future returns, possi- bly decades into the future. Thus, keeping return docu- ments in perpetuity is pru- dent, though not necessary when returns are decades MUTUAL FUNDS