Not a lot of places for fixed income, with interest rates so low and bond prices so high. For now I'm keeping much of my fixed income in short-term bond funds, and that includes high-yield (junk) short term ETFs, such as SJNK. The current yield (5%) is greater than the average duration (2 years), so as long as the default rate stays minimal, the yield should outpace any decline in price due to rising interest rates. Any bond or bond-ETF that is less than investment grade, there is a concern for default, but with a strengthening economy, the rate of default should be minimal.