[Darryl]

I don't count it.
Emergency funds are part of savings for me I've bought in that savings is any money you may/will be using in the next five years and investments are things you will be holding for more than five years.
For me savings are cash or equivalents I use some cash, MMF & online savings acct at 5.05% etc rather than CD's.
Investments are just that and that is where I apply AA thinking.
I noticed Nords promoting Four Pillars and my used copy is in the UPS/Fedex system on it's way. I read another poster in the last week saying that Bernstein says to count Emergency Fund in the AA and I am not feeling a strong conviction with my present approach.