IANAFA (not a financial advisor :P), but it really depends on your goals and risk tolerance. Sure, interest rates are low but so are inflation rates. Sitting on cash isn&#x27;t as bad as it used to be if you want instant-access to dollars. If you don&#x27;t need that 5-month-emergency-fund to grow, you probably don&#x27;t need to put it in riskier vehicles. I believe putting that fund in VWITX would still give you quick access (on the order of a day or two) to if you needed it. You should look at the size of the fund and weigh the risks: definite loss due to inflation over N years, or the small risk-reward spread of medium-term bonds (i.e. they will probably grow, and you&#x27;ll be earning interest, but there is a chance you&#x27;ll be forced to sell at a time when bond prices have dropped).