A very low water (VLW) heat transfer fluid, having an atmospheric boiling point of about 148° C. (about 300° F.) and a low temperature operating limit (LTOL) of −40° C. or below, comprised of one or more polyhydric alcohols, one or more corrosion inhibitors, and between 5% and 10% water. The heat transfer fluid retains many of the features of a non-aqueous heat transfer fluid, while providing a substantially lower viscosity. The heat transfer fluid is suitable for use in internal combustion engines as an engine coolant and in other heat transfer applications.