The 5th digit of all 1964-1973 Mustangs designates the engine that the car left the factory with. The 289 Hi-Po engine was characterized by the letter “K.” Thus, the reference to Mustangs with the Hi-Po engine as a K Code.
See this page for a complete break down of VIN information.
There are other unique perculiarities to the K codes, but for now since it's the lifeblood of the car, let's focus on the engine. The following is a very brief overview of the items specific to these engines:
Block – the 289 block is the exact same as the 65/66 A and C code engines.
Engine internals -
̃
̃ Connecting rods – used heavier bolts and nuts
̃ Crankshaft – included unique hatchet and counter weight
̃ Camshaft – mechanical
̃ Solid lifters
̃ Pistons – aluminum flat top
̃ Narrow timing chain
Engine externals –
̃ Heads – screw in rocker studs and cast spring seats. Also will have 19,20, 21 cast in them
̃ Intake – same as A code 4v
̃ Carburetor – 1.12 venturi 600 cfm, manual choke
̃ Exhaust manifolds – different design for better air flow
̃ Water pump – 6 blades on impeller fan
̃ Fan – four blade fan with fomoco, SC, and 911960
̃ Alternator – larger pulley
̃ Motor mounts – for ’65 rubber insulators
̃ Valve covers – chrome
̃ Fuel pump – made by Carter. ‘65s used 3939s ‘66s used 4201