I think you would be smart to study ALL the risks of owning bonds. Especially any risk you would be taking on as it relates to a change in interest rates. Then I'd look at what a Bond fund's avg eff duration is and what it means. Not to mention, the PIMCO fund has a 129% turnover, so you'd get beat up with taxes.
Personally, I use CD's (mine are ~2.5%, obviously that deal isn't currently on the table) and I-bonds for money I need to be "safe." I bonds have some liquidity issues in the 1 st year, but after that it doesn't open the door to a lot of the risks other bonds do. If you're serious about buying I-bonds, I would wait for another month. at that time I will be able to tell you what the inflation component will be doing (and most likely what the overall rate will be for April-October). Currently, I-bonds are paying 1.76%.
Perhaps some exploration around if you can take other risks with all or a portion of the money. If so, now may be the time to study practices of tax efficient investing and the birth of taxable accounts if you haven't already done so.
"If you only have 1 year to live, move to Penn...as it will seem like an eternity."