@Observant1 - Thanks for posting. Changes hadn’t yet been implemented far as I could tell when I checked the December 2021 report a while back. (But was aware of the S&P short position.)
That last line … a bit disconcerting … :) / Also a timely reminder, I think, that each of us invests at his / her own risk .

@Crash,
My information source is the DODBX Fund Report published by M* on 06/16/2022.
A new balanced fund committee took over management of DODBX in May 2022.
This committee began as a working group following the fund's steep losses during the 2020 bear market.
In 2021, DODBX no longer had to fully mimic the stock/bond sleeves of DODGX and DODIX respectively.
International stocks are now included to further diversify the portfolio.
Other changes include allowing a small S&P 500 short position for protection against market selloffs
and selling covered-calls on stocks that are perceived to be at/near full value.
"The increased focus on managing risk is a welcome improvement, but a longer track record
of execution would increase our confidence that the changes will lead to a smoother ride going forward."

"Instead of focusing on finding the next Tesla — not an easy task — the approach that, in my opinion, works best for most people, most of the time, is to construct a sensible, diversified portfolio, and then to give it time to compound."

I agree and this is what I strive to do.
This is simple, but not easy.
Since a vast amount of investing information (both good and bad) is widely available,
investors may be enticed to execute nonessential trades in order to "outsmart" the markets.

You hit the nail on the head. And we are certainly living "in interesting times." (@catch22 likes to employ those words.) Do I like being 20% in bonds and up to 73% in equities right now? NO. But in order to be pre-positioned for the recovery after the expected recession, that's what my stash looks like today. That's why I'm down -14% YTD. And bonds have not helped to mitigate such results. .....I'm just watching Wall Street Week. Bob Michele is recommending High Yield bonds. That's my only bond fund: TUHYX. Yes, the yields are VERY attractive. And unfortunately, in my entire investing career, I always find myself "cash-poor." So, I have to do my adding in small dribs and drabs--- apart from a customary first-of-the-year withdrawal from the IRA, annually. But if I'm still down so far when January arrives, that withdrawal will have to be postponed---- because I am able to postpone it. Thankfully, I don't need to do that in order to live.

@hank. Great minds think alike. And I track, but do not own, DODBX. I track it because I put a friend's money in that fund. Back in 2010, she and her husband asked me to "husband" their money for them. They are just petrified of the process, the decision-making involved, and simply don't have the interest in doing the learning necessary in order to make prudent, educated choices re: investing. But let us know, please, whatever you find out about D&C's reevaluation regarding DODBX.

This week's episode -

Also available at
https://www.bloomberg.com/btv/series/wall-street-week

@Crash. Good points. My comment was directed more at young and middle aged investors. I don’t think either of the following is inconsistent with the advice @Bobpa shared: (1) gradually shifting to a more conservative allocation over the years commensurate with age or (2) allocating a small % of one’s holdings to tactical / speculative gambits - if so inclined. In addition, gradually adjusting one’s portfolio positioning relative to the highly unusual interest rate environment that has evolved in recent years (as many here have done) would seem wise. Even Dodge and Cox is in the process of reviewing / modifying their highly successful Balanced fund (DODBX) - I suspect due to that rate environment.

As noted in the excerpted text ("long the province of structured products"), this sounds a bit like old wine in new bottles.
Buffered ETFs vs Index-Linked Annuities
There are differences including ETF-specific risks of "suboptimal [management] decisions" and difficulty in handling large cashflows (in or out). On the positive side, these are ETFs, not ETNs. So while they suffer those risks, unlike ETNs (or notes generally) they don't have the same counterparty risks as ETNs or annuities.
There are investments comparable to index-linked annuities without the annuity wrapper: market-linked CDs and market-linked securities. They come in a wide variety of target indexes and risk profiles.
https://www.morganstanley.com/structuredinvestments/docs/marketingmaterials/Introduction_to_Structured_Investments.pdf

“for most people, most of the time, is to construct a sensible, diversified portfolio, and then to give it time to compound.”
+1 and Thanks. Convincing people to view it this way would seem near impossible. That’s due largely I suspect to human nature, but to a lesser extent to the intensity of the information flow today plus the potential for “instant gratification” in today’s markets.
One of my favorite quotes: “Then tell Wind and Fire where to stop, but don’t tell me.”
- Madame Defarge, A Tale of Two Cities - Dickens

@FD1000 Sure, and while we're at it, why don't we get corporate money, lobbying and influence out of politics altogether: https://washingtonpost.com/us-policy/2021/08/31/business-lobbying-democrats-reconciliation/
Oh, wait.

ding. ring that bell.

@Observant
Trump fund raising for the pretext of fighting alleged election fraud but not actually using most of the funds for said fraud was fully legal because the fund raise page stated this in the fine print. It's amazing how much one can legally get away in this country by putting the main headline in size 16 font and all the fine print in size 10 font.
Certainly Trump isn't the only one who does it, this is a widely prevalent practice.

I thought fine print may be involved!
Just because it's legal and a common practice doesn't make it right.

Yet somehow in 2022 it seems possible. You should insist on crypto for all prepayments.

Probable, even. There has got to be money made in period tracking! My adult daughter asked if women now could (or should) wear cute service-animal vests, so I am thinking of a startup as part of these ETFs.
I love your crypto idea but was thinking more of silver dollars, as my grandpa used to give us kids 70y ago.
The POB for my funds' registration is going to be the one nearest to our fetal-remains-powered streetlamps on Beacon Hill downtown, for luck.
https://www.newsweek.com/anti-abortion-activist-says-under-oath-abortions-power-street-lights-1708361
Shorting and options are part of each fund's strategy. I assume Planned Parenthood will be public by then.
POB location will in addition be as close as I can get to Kenneth Heebner's home office, again for luck.

@Observant
Trump fund raising for the pretext of fighting alleged election fraud but not actually using most of the funds for said fraud was fully legal because the fund raise page stated this in the fine print. It's amazing how much one can legally get away in this country by putting the main headline in size 16 font and all the fine print in size 10 font.
Certainly Trump isn't the only one who does it, this is a widely prevalent practice.

@Observant1, my concern with noninsurance company SVs is different. There are usually no guarantees by any entity. There are also no reserves held by sponsors for any contingencies. Rates offered may also be low. Sponsors just claim to invest cautiously, mostly in GICs and BICs and other fixed-income instruments. All it takes is one large holding to tank or freeze. So, buyer beware fully applies. BTW, I once wrote to a very large fund family that offers SVs asking what would happen in case of trouble or run on its SV? Its answer was only that it was highly unlikely because it was very careful and cautious, and that was it.
On the other hand, insurance company SVs are guaranteed by insurance co capital & surplus, something that is tangible. These offer better SV rates. Of course, one has to watch insurance co ratings closely, and never to buy SVs offered by low-rated insurance co. A widely known such SV is TIAA Traditional that is guaranteed by TIAA, and if it goes under, there are probably lots of other problems. The same can be said about SVs from large, highly-rated insurers. If insurance co does fail, then the state insurance guaranty programs may handle the messy situation. So, there are 2 lines of defense.
Federal TSP G Fund is a unique SV that is neither of the above. It is backed by none other than Uncle Sam (the US Treasury Secretary), and if Uncle Sam cannot keep its promise to pay, then things have probably worsened unimaginably.

+1. Thanks, @davidmoran.

+1.

In the left panel, there is a Charting tab (#6 of 12). Add ticker there to create chart(s).

Does investor.morningstar.com still has "chart"?

I don't see it, can't find it--- apart from their pre-formed 10-year performance chart.
https://investor.morningstar.com/quotes/0P00002RQ4
...Nor can I find it, looking at their snapshot presentation for single-stocks.
https://investor.morningstar.com/quotes/0P000000PV

Multiple managers departed from WWIAX in 2019 before Adrian Helfert took the helm.
Four others joined the fund team with or after Mr. Helfert.
The fund's three year returns are ok with a 37% fund category ranking.
The downside capture ratio of 89.61% and the standard deviation of 11.58% were
higher than the corresponding category averages of 76.48% and 9.58% respectively.
WWIAX sports a high expense ratio of 1.09%.
Surely, Barron's could have chosen a better allocation fund to profile.

That is correct.
HDV had 17% of its assets in energy as of July 15.