Common use of Principal Risks Clause in Contracts

Principal Risks. An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance, and the level of risk may vary based on market conditions: BlackRock High Yield Bond Fund The investment objective of the BlackRock High Yield Bond Portfolio (the “High Yield Fund” or the “fund”) is to seek to maximize total return, consistent with income generation and prudent investment management.

Principal Risks. An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance, and the level of risk may vary based on market conditions: BlackRock High Yield Bond Fund The investment objective of the BlackRock High Yield Bond Portfolio (the “High Yield Fund” or the “fund”) is to seek to maximize total returninterest rate risk, consistent with income generation and prudent investment managementrisk, prepayment risk, extension risk, call risk, credit risk, index sampling risk, liquidity risk.