My view is that interest rates are at, or very near, a peak with the economy averting a recession, forecasts Bryan Perry, growth and income expert and editor of Cash Machine.

I am recommending a leveraged high-yield corporate bond closed-end fund for for aggressive income investors; this fund should prove to be a timely investment for yield and potential capital appreciation.

PIMCO Dynamic Income Fund (PDI) invests in a highly diversified pool of securities with a focus on income generation. PDI isn't restricted to certain issuers, geographies or credit qualities.

The fund is free to seek income opportunities in any area of the market with underlying assets composed of everything from mortgage-backed securities, investment-grade and high-yield corporate bonds to emerging-market corporate and government bonds.

The fund will normally invest at least 25% of its total assets in privately issued (commonly known as “non-agency”) mortgage-related securities. The fund may normally invest up to 40% of its total assets in securities of issuers economically tied to emerging-market countries. The fund will normally maintain an average portfolio duration ranging between zero and eight years.

Since its inception in 2013, PDI has an annualized 10.3% total return with distributions reinvested. Currently, PDI's monthly distribution rate of $0.2205 per share amounts to approximately $2.65 per share, yearly. At the fund’s current price of $19.66 the current distribution yield is 13.45%.

This is a big fund, with $4.43 billion in net assets, employing 42.4% in effective leverage that controls $7.69 billion in assets, of which 84% are U.S.-based. Plus, 90% of total assets have maturities under 10 years.

Shares of PDI traded as high as $26.50 before the Fed embarked on its rate hike cycle. At its current price, we can lock in a phenomenal yield and look for the share price to make its way higher over the course of the year.

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