BlackRock High Yield Portfolio Fund Institutional Shares 

This fund typically dedicates a significant portion, at least 80% of its net assets (including any capital acquired through borrowing for investment), to high-yield instruments or other financial products that share similar economic traits. It has the discretion to allocate up to 30% of its total assets to fixed-income securities issued by entities outside the United States, which are denominated in non-U.S. currencies. The foreign currency exposure from these international bond holdings can either be managed through hedging strategies or remain unhedged. Additionally, the fund is authorized to invest in convertible debt and preferred stock.