BlackRock High Yield Portfolio - Class K 

The fund primarily dedicates at least 80% of its investable assets (including any borrowed capital) to high-yield debt instruments or other financial assets exhibiting comparable economic characteristics. Up to 30% of its holdings may consist of non-U.S. dollar denominated bonds issued by entities located outside the United States. The fund has the flexibility to either hedge or leave unhedged its exposure to the currencies of these international bonds. Additionally, the portfolio may also include investments in convertible and preferred securities.