Very complex question given that we don't know whether there is, or will be, a QE3--or what the effect might be.
My guess is that QE3 would benefit the fund. To the extent that a QE3 keeps interest rates low the bond portfolio would be supported. To the extent that a QE3 raises stock prices then the stock portfolio will be supported. But, your guess is as good as mine as to what will actually happen.