If you are asking because you will need a specific amount of money in that time period:
Generally speaking, if you know for sure that you will need a specific amount of money within the next 3-5 years, it is probably best to have it sitting in a savings account (or cash if it is inside of a 401k/Traditional IRA). It won't earn much in the way of interest, but it also won't be subjected to the inherent uncertainties of the markets.
With a 2 to 3 year horizon on when you will need a certain amount of money, there is far too much uncertainty to be able to plan appropriately.
If you are asking becasue you will be retiring in 2 to 3 years and will need to start drawing on your 401k/IRA at that time, that is a bit of a different story becasue you presumably won't need all of the money at once. So, you will start withdrawing a portion every month, quarter, year, etc. and there will still be some in there that will need to have growth potential in order to increase the chances of lasting all the way through retirement.
So, without more information about what exactly the money is for and how you plan to take it out, it is impossible to say. But generally, specific amounts you know for sure you will need within 3-5 years should usually be held in cash, while money that you will simply start drawing on in the next 2 to 3 years can still have some stock and bond exposure.
Hope that helps some and best of luck.
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