# EDGAR Filing Document

**Accession Number:** 0001892443
**File Stem:** 0001398344-25-022127
**Filing Date:** 2025-12
**Character Count:** 207807
**Document Hash:** 8842404ad8b226e60cf58c3ace07fe31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022127.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001398344-25-022127

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bluerock High Income Institutional Credit Fund
- **CENTRAL INDEX KEY:** 0001892443

**ORGANIZATION NAME:**
- **EIN:** 872335042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23772
- **FILM NUMBER:** 251554217

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 646 278 4225

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-23772</u>

**<u>Bluerock High Income Institutional Credit Fund</u>**

(Exact name of registrant as specified in charter)

<u>919 Third Avenue, 40<sup>th</sup> Floor, New York, NY 10022</u>

(Address of principal executive offices) (Zip code)

1-844-819-8287

(Registrant's telephone number, including area code)

Jason Emala, Esq.

Bluerock Credit Fund Advisor, LLC

919 Third Avenue, 40th Floor

<u>New York, NY 10022</u>

(Name and address of agent for service)

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>September 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) ![](fp0096374-1_01.jpg)

**Table of Contents**

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| | |
|:---|:---|
| Shareholder Letter | 1 |
| Portfolio Review | 6 |
| Portfolio of Investments | 8 |
| Statement of Assets and Liabilities | 12 |
| Statement of Operations | 13 |
| Statements of Changes in Net Assets | 14 |
| Statement of Cash Flows | 16 |
| Financial Highlights | 17 |
| Notes to Financial Statements | 22 |
| Report of Independent Registered Public Accounting Firm | 31 |
| Additional Information | 32 |
| Supplemental Information | 33 |
| Privacy Policy | 35 |

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| | |
|:---|:---|
| ![](fp0096374-1_12.jpg) | Annual Report<br>9.30.2025 |

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**ANNUAL REPORT: (10.1.2024 - 9.30.2025)** (UNAUDITED)

Letter from the High Income Fund Advisors

**To Our Valued Shareholders:**

We are pleased to present an update for the for the Bluerock High Income Institutional Credit Fund ("the Fund, or "High Income Fund") for the fiscal year ended September 30, 2025. The Fund continued to deliver on its investment objectives of generating high-income with low correlation to the broader markets, driven by investing in a broadly diversified portfolio of senior secured loans held within the Fund's collateralized loan obligations (CLO).

As of 9.30.2025, the Fund posted a total return of 9.06% for the trailing 12-month period and 9.09% since inception. In addition, the Fund has delivered an average annual distribution rate of 11.2%\* since inception.

The Fund has continued to deliver to its shareholders high-income, strong total returns, relatively low volatility, and nearly zero correlation compared to the more volatile equity and bond markets. We believe the Fund is well positioned to capitalize on attractive investment opportunities while maintaining a robust distribution rate.

![](fp0096374-1_03.jpg)

CORPORATE HEADQUARTERS \| 919 THIRD AVENUE \| 40TH FLOOR, SUITE 4000 \| NEW YORK, NY 10022 \| 877.826.BLUE (2583) \| BLUEROCK.COM

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| | | |
|:---|:---|:---|
| ![](fp0096374-1_04.jpg) | ANNUAL REPORT (9.30.2025) \| **BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND**  | (UNAUDITED) |

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**Credit Market Overview & Outlook**

A select few isolated, large credit defaults have provided fodder for news headlines, but overall, credit markets are healthy. Most relevant for the Fund, the senior secured loan market, is operating at healthy levels as default rates are below their 10 year average as illustrated below. Low default rates are a good sign for the Fund as it means borrowers are servicing their loan debt which should limit credit losses, mitigating potential drawdowns.

![](fp0096374-1_05.jpg)

Our outlook for credit remains constructive. In October 2025, the Federal Reserve reduced the Federal Funds rate to a 3.75%-4.00% range and has left open the possibility of future rate reductions. This has a direct impact on senior loan rates and should help borrowers continue to meet their debt obligations keeping default rates low.

Senior secured loans (SSLs), the building blocks of the Fund, generate yields based on floating interest rate loans, which have historically performed well in both rising and falling rate environments as illustrated below. This is unique among fixed income investments as other categories have declined or not performed as well in rising rate environments.

![](fp0096374-1_06.jpg)

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| | | |
|:---|:---|:---|
| ![](fp0096374-1_04.jpg) | ANNUAL REPORT (9.30.2025) \| **BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND**  | (UNAUDITED) |

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The Fund offers access to a diversified, actively managed, institutional credit portfolio, supported by a more than 3-year track record of positive returns, low volatility and 13 consecutive quarterly distributions,\* all of which we believe are essential components of a balanced investment portfolio. We believe the Fund's differentiated strategy benefits our shareholders and distinguishes us from our peers.

**On behalf of the entire Bluerock and Clearlake Credit management teams, we thank you for your support in the Fund.**

Bluerock Credit Fund Advisor \| Clearlake Credit Asset Management

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| | |
|:---|:---|
| ![](fp0096374-1_07.jpg)<br>Bluerock is a leading institutional alternative asset manager based in New York with regional offices across the U.S. Bluerock principals have a collective 100+ years of investing experience with more than $48 billion real estate and capital markets experience and manage multiple well-recognized real estate private and public company platforms. Today Bluerock has more than $19.5 billion in acquired and managed assets and offers a complementary suite of public and private investment programs, with both short and long-term goals, to individual investors seeking solutions aimed at providing predictable income, capital growth, and tax benefits. | ![](fp0096374-1_08.jpg)<br>Clearlake Credit Asset Management is the CLO, structured products, and broadly syndicated credit arm of Clearlake Capital Group. Managing approximately $85 billion in combined AUM, the Firm is focused on private equity, special situations, and credit. Clearlake Capital is comprised of a stable and seasoned, cohesive team, characterized by a breadth of analytical resources and proprietary market intelligence. Clearlake Credit has a conservative credit culture focused on fundamental credit work and primarily invests in broadly syndicated senior secured loans and CLO tranches. Clearlake Credit senior management has issued over $50 billion in CLOs since 2001. |

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| | | |
|:---|:---|:---|
| ![](fp0096374-1_04.jpg) | ANNUAL REPORT (9.30.2025) \| **BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND**  | (UNAUDITED) |

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**Performance: Total Return Periods as of 9.30.2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | 1-Year Return | 3-Year Return | Annualized Return Since Inception<sup>2</sup> |
| **Class A (IIMAX)** | No Load | +8.89% | +9.00% | +9.01% |
|  | Load with Max Sales Charge<sup>3</sup> | +2.62% | +6.87% | +7.05% |
| **Class C (IIMCX)** |  | +8.32 | +8.83 | +8.84 |
| **Class I (IIMWX)** |  | +9.06% | +9.11% | +9.09% |

---

<sup>2</sup> Inception date of the Fund is June 21, 2022.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements is 3.66% for Class I-Shares. The performance data quoted herein is net of all fees and expenses and represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance is not indicative of future results. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The Fund's investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until January 31, 2026, to ensure that the net annual fund operating expenses will not exceed 1.85% for Class I, subject to possible recoupment from the Fund in future years. In addition to the contractual obligations under its expense limitation agreement, the Adviser, on a purely voluntary basis, has agreed to waive the entire incentive fee. Such operating expenses and management fees voluntarily paid or waived during this period are not subject to recoupment from the Fund in future years. Without such waiver of fees and payment of expenses by the Adviser, expenses of the Fund would have been higher and the Fund's returns would have been lower.

The maximum sales charge for A shares is 5.75%. Investors may be eligible for a reduction in sales charges.

\* The Fund's distribution policy is to make quarterly distributions to shareholders. The level of quarterly distributions is not fixed and will vary based on performance of the Fund's underlying holdings. This distribution policy is subject to change. The tax characterization of the Fund's distributions is dependent, upon several factors, including the tax characterization of the distributions received by the Fund from its underlying investments, which is not known to the Fund at the time of its distribution. The Fund estimates, in accordance with US GAAP, that none of its most recent distribution was attributable to return of capital, however, the characterization of Fund distributions for federal income tax purposes is different from the characterization under US GAAP and the final determination of the source and tax characteristics of all distributions will be made after the end of the year after receipt of the relevant tax information from the Fund's underlying investments. Shareholders should note that any return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. There is no assurance that the Fund will continue to declare distributions or that they will continue at these rates. The distribution rate represents cumulative distributions paid since inception divided by the NAV/share during that time.

Definitions

**Collateralized Loan Obligations (CLOs):** Structurally, CLOs are actively managed special purpose vehicles that are formed to manage a portfolio of Senior Secured Loans. The loans within a CLO are predominately limited to Senior Secured Loans which meet specified credit and diversity criteria and are subject to concentration limitations in order to create an investment portfolio that is strategically diversified across different loans, borrowers, and industries, with limitations on non-U.S. borrowers.

**S&P U.S. High Yield Corporate Bond (HY):** Designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued by companies whose country of risk use official G-10 currencies, excluding those countries that are members of the United Nations Eastern European Group (EEG). Qualifying securities must have a below-investment-grade rating (based on the lowest of S&P Global Ratings, Moody's, and Fitch) and maturities of one or more months.

**Investment Grade Bonds (IG Bonds):** Bonds that are believed to have a lower risk of default and receive higher ratings by the credit rating agencies namely bonds rated Baa (by Moody's) or BBB (by S&P and Fitch) or above. These bonds tend to be issued at lower yields than less creditworthy bonds.

**Morningstar LSTA US Leveraged Loan Index:** The index is a market-value weighted index designed to measure the performance of the U.S. leveraged loan market. Investors cannot invest directly in an index or benchmark.

**Senior Secured Loans (SSLs):** Senior Secured Loans are floating rate credit instruments structured primarily with first-priority liens on the assets of the borrower, including, but not limited to cash, receivables, inventory and PP&E, that serve as collateral in support of the repayment of such debt. Senior Secured Loans are predominately used to fund a company's growth, financing their business, M&A-related transactions or capital expenditures. Senior Secured Loans typically have the highest priority in receiving payments, ahead of both bondholders and preferred stockholders.

![](fp0096374-1_02.jpg)

Risk Disclosures

Not FDIC Insured \| No Bank Guarantee \| May Lose Value

**Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. This is neither an offer to sell nor a solicitation to purchase any security.**

**Investors should carefully consider the investment objectives, risks, sales charges and expenses of the Bluerock High Income Institutional Credit Fund (the "Fund"). This and other important information about the Fund is contained in the prospectus, which can be obtained online by visiting bluerock.com/hi-fund/documents. The prospectus should be read carefully before investing.**

**Past performance is not a guarantee of future results.** The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Advisor and Sub-Advisor to allocate effectively the assets of the Fund among the various available investment opportunities. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns. There is no guarantee that the Fund's investment strategies will work under all market conditions. Statements relating to the performance of the Fund contained herein are historical and the Fund's performance subsequent to the date as of which such statements were made may differ materially. Updated performance data for the Fund is available at bluerockfunds.com/performance.

Please note that the performance data relating to various indices included herein is for informational purposes only. You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. Performance of a fund or portfolio may differ significantly from the performance of index holding the same securities. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. Such fees, expenses, and commissions would likely reduce returns.

The Fund is a closed-end interval fund, the shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's shares. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% of the Fund's shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's net asset value. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.

Investors in the Fund should understand that the net asset value ("NAV") of the Fund will fluctuate, which means the value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Fund is "non-diversified" under the Investment Company Act of 1940 and therefore may invest more than 5% of its total assets in the securities of one or more issuers. As such, changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund's net asset value than in a "diversified" fund. The Fund is not intended to be a complete investment program.

Because the Fund invests primarily in debt-anchored instruments and securities, the value of your investment in the Fund may fluctuate with changes in interest rates. The Fund may invest in senior secured debt and CLOs. Substantial increases in interest rates may cause an increase in loan defaults and the value of the Fund's assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or uncertainties affecting borrowers generally. There is a risk that the borrowers under the Senior Secured Loans may not make scheduled interest and/or principal payments on their loans and/or debt securities, which may result in losses or reduced cash flow to the Fund, either or both of which may cause the NAV of, or the distributions by, the Fund to decrease. CLOs carry additional risks, including but not limited to (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund's investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the CLO investment may not be fully understood at the time of investment and may produce disputes with the issuer, holders of senior tranches or other unexpected investment results. In addition, the nature of the Fund's investment strategy also subjects it to various risks, including credit risk (the debtor may default), liquidity risk (the investment may not be able to be sold at an advantageous time or price) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). All potential investors should read the Risk Factors section of the prospectus for additional information related to the risks associated with an investment in the Fund.

The Bluerock High Income Institutional Credit Fund is distributed by ALPS Distributors, Inc (ALPS). Bluerock Credit Fund Advisor, LLC is not affiliated with ALPS, or Clearlake.

This material is provided for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. Certain information contained herein has been obtained from sources deemed to be reliable, but has not been independently verified. This material represents views as of its date and is subject to change without notice of any kind.

This report may contain certain forward-looking statements. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; uncertainties relating to capital proceeds; and other risk factors as outlined in the Fund's prospectuses, statement of additional information, annual report and semi-annual report filed with the Securities and Exchange Commission.

![](fp0096374-1_09.jpg)

Bluerock High Income Institutional Credit Fund Portfolio Review

September 30, 2025 (Unaudited)

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures for certain periods ended September 30, 2025, compared to select indexes:

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| | | | |
|:---|:---|:---|:---|
| **Bluerock High Income Institutional Credit Fund:** | **1 Year** | **3 Year** | **Since Inception\*** |
| **Class A** | | | |
| &nbsp;&nbsp;&nbsp;Without Load | 8.89% | 9.00% | 9.01% |
| &nbsp;&nbsp;&nbsp;With Load<sup>(a)</sup> | 2.62% | 6.87% | 7.05% |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;Without Load | 8.32% | 8.83% | 8.84% |
| &nbsp;&nbsp;&nbsp;With Load<sup>(b)</sup> | 7.33% | 8.83% | 8.84% |
| **Class F** | 9.54% | 9.23% | 9.20% |
| **Class I** | 9.06% | 9.11% | 9.09% |
| **Morningstar LSTA US Leveraged Loan Index** | 7.00% | 9.83% | 8.97% |

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*<sup>\*</sup>* *Class A, Class C, Class F and Class I commenced Operations June 21, 2022.*

*<sup>(a)</sup>* *Adjusted for initial maximum sales charge of 5.75%.*

*<sup>(b)</sup>* *Adjusted for early withdrawal charge of 1.00%.*

*The Morningstar LSTA US Leveraged Loan Index is a market-value weighted index designed to measure the performance of the U.S. leveraged loan market. Investors cannot invest directly in an index or benchmark.*

*Total returns are calculated using closing Net Asset Value as of September 30, 2025, and may not match returns presented in the Financial Highlights due to adjustments under accounting principles generally accepted in the United States of America.*

*The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total returns are calculated using closing Net Asset Value as of September 30, 2025. Total returns are calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees. Returns greater than one year are annualized. The Advisor and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Advisor has contractually agreed to waive the base management fees and/or reimburse the Fund for ordinary operating expenses the Fund incurs but only to the extent necessary to maintain the Fund's total annual operating expenses after fee waivers and/or reimbursement (exclusive of any incentive fee, taxes, interest, brokerage commissions, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs), to the extent that such expenses through December 31, 2024 exceeded 2.60%, 3.35%, 1.75% and 2.35% per annum of the Fund's average daily net assets attributable to Class A, Class C, Class F and Class I shares, respectively (the "Expense Limitation"). Effective January 1, 2025 the Expense Limitation was updated to such expenses should not exceed 2.10%, 2.85%, 1.25% and 1.85% per annum of the Fund's average daily net assets attributable to Class A shares, Class C shares, Class F shares and Class I shares, respectively. For the avoidance of doubt, acquired fund fees and expenses are not operating costs and are therefore excluded from the Expense Limitation.*

Bluerock High Income Institutional Credit Fund Portfolio Review

September 30, 2025 (Unaudited)

*In consideration of the Advisor's agreement to limit the Fund's expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: any waiver or reimbursement by the Advisor is subject to repayment by the Fund within the three years following the date the waiver or reimbursement occurred (provided the Advisor continues to serve as investment advisor to the Fund), if the Fund is able to make the repayment without exceeding the expense limitation then in effect or in effect at the time of the waiver and the repayment is approved by the Board of Trustees (the "Board"). The Expense Limitation Agreement will remain in effect at least until January 31, 2026, unless and until the Board approves its modification or termination. After January 31, 2026, the Expense Limitation Agreement may be renewed at the Advisor's and Board's discretion. Additionally, on a purely voluntary basis, the Advisor bore all of the operating expenses excluding interest expense of the Fund and waived its entire management fee from inception through December 31, 2024. The Advisor shall not seek to recoup the voluntary operating expenses reimbursed and voluntary management fees waived during this period. Without such waiver of fees and payment of expenses by the Advisor, expenses of the Fund would have been higher and the Fund's returns would have been lower.*

*The Fund's total gross annual operating expenses, including the expenses of underlying funds and before any fee waiver, are 3.81%, 4.61%, 3.50% and 3.66% for Class A, Class C, Class F and I, respectively, per the February 1, 2025 prospectus and may differ from the ratios presented in the Financial Highlights. Class A shares are subject to a maximum sales charge imposed on purchases of 5.75%. Class A shareholders who tender for repurchase Class A shares that were purchased in amounts of $1,000,000 or more that have been held less than one year (365 days) from the purchase date will be subject to an early withdrawal charge of 1.00% of the original purchase price. Class C shares are subject to an early withdrawal charge of 1.00% if redeemed less than 365 days after the purchase. The above performance figures do not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. For performance information current to the most recent month-end, please call 1-844-819-8287.*

**Portfolio Composition as of September 30, 2025**

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| | |
|:---|:---|
|  | **Percent of Net Assets** |
| Collateralized Loan Obligations Debt | 82.04% |
| Collateralized Loan Obligations Equity | 33.24% |
| Short-Term Investments | 7.36% |
| **Total Investments** | **122.64%** |
| Liabilities in Excess of Other Assets | (22.64%) |
| **Total Net Assets** | **100.00%** |

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Annual Report \| September 30, 2025 7

Bluerock High Income Institutional Credit Fund Portfolio of Investments

September 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security<sup>(a)</sup>** | **Estimated Yield/<br> Interest Rate** | **Acquisition Date<sup>(b)</sup>** | **Maturity Date** | **Principal** | **Cost<sup>(c)</sup>** | **Value<sup>(d)</sup>** |
| **COLLATERALIZED LOAN OBLIGATIONS (115.28%)<sup>(e)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS (115.28%)<sup>(e)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS (115.28%)<sup>(e)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS (115.28%)<sup>(e)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS (115.28%)<sup>(e)</sup>** |  |  |
| ***Collateralized Loan Obligation Debt (82.04%)*** | ***Collateralized Loan Obligation Debt (82.04%)*** | ***Collateralized Loan Obligation Debt (82.04%)*** | ***Collateralized Loan Obligation Debt (82.04%)*** | ***Collateralized Loan Obligation Debt (82.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;1988 CLO 3, Ltd., Class E | 3M SOFR + 8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/8/2024 | 10/15/2038 | $1500000 | $1506398 | $1512183 |
| &nbsp;&nbsp;&nbsp;Abry Liquid Credit CLO 2025-1, Ltd., Class E | 3M SOFR + 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/21/2025 | 10/20/2038 | 3000000 | 3000000 | 3007027 |
| &nbsp;&nbsp;&nbsp;AGL CLO 3, Ltd., Class FR | 3M SOFR + 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/21/2025 | &nbsp;&nbsp;4/15/2038 | 300000 | 300000 | 301507 |
| &nbsp;&nbsp;&nbsp;AGL CLO 6, Ltd., Class FR2 | 3M SOFR + 7.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/21/2025 | &nbsp;&nbsp;4/20/2038 | 290000 | 273342 | 275443 |
| &nbsp;&nbsp;&nbsp;AGL CLO 9, Ltd., Class F | 3M SOFR + 7.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/11/2024 | &nbsp;&nbsp;4/20/2037 | 500000 | 487113 | 495154 |
| &nbsp;&nbsp;&nbsp;AGL CLO 20, Ltd., Class FR | 3M SOFR + 7.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/13/2024 | 10/20/2037 | 1125000 | 1073912 | 1095975 |
| &nbsp;&nbsp;&nbsp;AGL CLO 22, Ltd., Class FR | 3M SOFR + 7.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/8/2024 | &nbsp;&nbsp;1/20/2037 | 1125000 | 1085604 | 1097751 |
| &nbsp;&nbsp;&nbsp;AGL CLO 23, Ltd., Class FR | 3M SOFR + 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/2025 | &nbsp;&nbsp;4/20/2038 | 300000 | 300000 | 301716 |
| &nbsp;&nbsp;&nbsp;AGL CLO 32, Ltd., Class F | 3M SOFR + 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/20/2024 | &nbsp;&nbsp;7/21/2037 | 250000 | 243404 | 247077 |
| &nbsp;&nbsp;&nbsp;AGL CLO 33, Ltd., Class F | 3M SOFR + 7.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/5/2024 | &nbsp;&nbsp;7/21/2037 | 237500 | 233267 | 237139 |
| &nbsp;&nbsp;&nbsp;AGL CLO 34, Ltd., Class F | 3M SOFR + 7.67% | 10/15/2024 | &nbsp;&nbsp;1/22/2038 | 250000 | 245396 | 250094 |
| &nbsp;&nbsp;&nbsp;AGL CLO 35, Ltd., Class F | 3M SOFR + 7.75% | 10/25/2024 | &nbsp;&nbsp;1/21/2038 | 237500 | 233113 | 240862 |
| &nbsp;&nbsp;&nbsp;AGL CLO 37, Ltd., Class F | 3M SOFR + 6.21% | 12/18/2024 | &nbsp;&nbsp;4/22/2038 | 312500 | 297850 | 300233 |
| &nbsp;&nbsp;&nbsp;AGL CLO 39, Ltd., Class F | 3M SOFR + 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/2025 | &nbsp;&nbsp;4/20/2038 | 1000000 | 1000000 | 1005702 |
| &nbsp;&nbsp;&nbsp;AGL CLO 42, Ltd., Class F | 3M SOFR + 7.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/28/2025 | &nbsp;&nbsp;7/22/2038 | 237500 | 235184 | 240009 |
| &nbsp;&nbsp;&nbsp;Aimco CLO 14, Ltd., Class E2R | 3M SOFR + 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/18/2025 | 10/20/2038 | 1750000 | 1750000 | 1751493 |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO 2024-II, Ltd., Class D2 | 3M SOFR + 5.00% | 12/19/2024 | &nbsp;&nbsp;7/25/2037 | 450000 | 447950 | 452034 |
| &nbsp;&nbsp;&nbsp;Apidos CLO L, Class F | 3M SOFR + 6.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/2024 | &nbsp;&nbsp;1/20/2038 | 250000 | 238453 | 242421 |
| &nbsp;&nbsp;&nbsp;Apidos CLO XLI, Ltd., Class FR | 3M SOFR + 8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/27/2024 | 10/20/2037 | 500000 | 472636 | 481790 |
| &nbsp;&nbsp;&nbsp;Apidos CLO XLV, Ltd., Class FR | 3M SOFR + 7.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/5/2025 | &nbsp;&nbsp;7/26/2038 | 500000 | 490179 | 499122 |
| &nbsp;&nbsp;&nbsp;Apidos CLO LI, Ltd., Class F | 3M SOFR + 6.04% | 12/18/2024 | &nbsp;&nbsp;1/20/2038 | 500000 | 471967 | 475546 |
| &nbsp;&nbsp;&nbsp;Arini US CLO II, Ltd., Class E | 3M SOFR + 5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;3/31/2038 | 5000000 | 5000000 | 5047057 |
| &nbsp;&nbsp;&nbsp;Atlantic Avenue 2024-3, Ltd., Class D2<sup>(f)</sup> | 8.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/5/2024 | &nbsp;&nbsp;1/20/2035 | 4000000 | 4000000 | 4079938 |
| &nbsp;&nbsp;&nbsp;Atrium XV, Class FR | 3M SOFR + 7.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/20/2024 | &nbsp;&nbsp;7/16/2037 | 250000 | 245582 | 249003 |
| &nbsp;&nbsp;&nbsp;BBAM US CLO III, Ltd., Class D | 3M SOFR + 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/3/2023 | 10/15/2038 | 2500000 | 2441305 | 2500000 |
| &nbsp;&nbsp;&nbsp;BBAM US CLO V, Ltd., Class E | 3M SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/22/2025 | &nbsp;&nbsp;7/25/2038 | 3000000 | 3000000 | 3024076 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXVI, Ltd., Class E2 | 3M SOFR + 8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/6/2025 | &nbsp;&nbsp;1/25/2038 | 250000 | 244459 | 245268 |
| &nbsp;&nbsp;&nbsp;Birch Grove CLO 12, Ltd., Class F | 3M SOFR + 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/21/2025 | &nbsp;&nbsp;4/22/2038 | 250000 | 250000 | 251479 |
| &nbsp;&nbsp;&nbsp;Bryant Park Funding 2023-21, Ltd., Class E | 3M SOFR + 8.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/4/2025 | 10/18/2036 | 500000 | 501640 | 500912 |
| &nbsp;&nbsp;&nbsp;Bryant Park Funding 2025-26, Ltd., Class E | 3M SOFR + 5.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/14/2025 | &nbsp;&nbsp;4/20/2038 | 2000000 | 2000000 | 2015087 |
| &nbsp;&nbsp;&nbsp;Canyon CLO 2025-2, Ltd., Class F | 3M SOFR + 7.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/28/2025 | 10/15/2038 | 250000 | 242569 | 243869 |
| &nbsp;&nbsp;&nbsp;Canyon CLO 2025-1, Ltd., Class F | 3M SOFR + 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2025 | &nbsp;&nbsp;4/15/2038 | 250000 | 250000 | 251730 |
| &nbsp;&nbsp;&nbsp;Cedar Funding II CLO, Ltd., Class FR3<sup>(f)</sup> | 3M SOFR + 7.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;7/22/2038 | 5000000 | 4901167 | 4906652 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2018-II, Ltd., Class ER | 3M SOFR + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/23/2025 | 10/20/2037 | 350000 | 353977 | 356487 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2022-IV, Ltd., Class FR | 3M SOFR + 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;7/16/2035 | 1000000 | 1000000 | 1001968 |
| &nbsp;&nbsp;&nbsp;Crown City CLO I, Class ERR | 3M SOFR + 6.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;7/20/2038 | 2000000 | 1980107 | 1984264 |
| &nbsp;&nbsp;&nbsp;CTM CLO 2025-2, Ltd., Class E | 3M SOFR + 5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/26/2025 | 10/20/2038 | 3000000 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;Davis Park CLO, Ltd., Class FR | 3M SOFR + 7.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/2/2025 | &nbsp;&nbsp;7/20/2038 | 250000 | 242640 | 245500 |
| &nbsp;&nbsp;&nbsp;Eldridge CLO 2025-1 | 3M SOFR + 5.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2025 | 10/20/2038 | 2000000 | 2015400 | 2015400 |
| &nbsp;&nbsp;&nbsp;Elevation CLO 2021-14, Ltd., Class FR | 3M SOFR + 6.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/7/2025 | &nbsp;&nbsp;1/20/2038 | 250000 | 226814 | 227299 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 19, Ltd., Class FR | 3M SOFR + 7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/9/2024 | 10/17/2036 | 3000000 | 2975935 | 3003071 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 20, Ltd., Class FR | 3M SOFR + 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/2/2024 | &nbsp;&nbsp;1/17/2037 | 500000 | 498870 | 503972 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 35, Ltd., Class E | 3M SOFR + 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/4/2025 | 10/18/2037 | 3000000 | 3035689 | 3042234 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 37, Ltd., Class E2 | 3M SOFR + 6.00% | 12/16/2024 | &nbsp;&nbsp;1/17/2038 | 1000000 | 1000000 | 1009557 |
| &nbsp;&nbsp;&nbsp;Empower CLO 2023-2, Ltd., Class ER | 3M SOFR + 5.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/8/2025 | 10/15/2038 | 1500000 | 1500000 | 1511035 |
| &nbsp;&nbsp;&nbsp;Garnet CLO 3, Ltd., Class E | 3M SOFR + 4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/2025 | 10/20/2038 | 3500000 | 3500000 | 3500000 |
| &nbsp;&nbsp;&nbsp;Generate CLO 14, Ltd., Class E | 3M SOFR + 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/16/2025 | &nbsp;&nbsp;4/22/2037 | 2000000 | 2009639 | 2030743 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 1, Ltd., Class FR2 | 3M SOFR + 7.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/12/2024 | &nbsp;&nbsp;4/20/2034 | 1000000 | 996778 | 1004190 |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 20, Ltd., Class F | 3M SOFR + 7.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/2024 | &nbsp;&nbsp;7/20/2037 | 1000000 | 986898 | 1004363 |

---

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund Portfolio of Investments

September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security<sup>(a)</sup>** | **Estimated Yield/<br> Interest Rate** | **Acquisition Date<sup>(b)</sup>** | **Maturity Date** | **Principal** | **Cost<sup>(c)</sup>** | **Value<sup>(d)</sup>** |
| ***Collateralized Loan Obligation Debt (82.04%) (continued)*** | ***Collateralized Loan Obligation Debt (82.04%) (continued)*** | ***Collateralized Loan Obligation Debt (82.04%) (continued)*** | ***Collateralized Loan Obligation Debt (82.04%) (continued)*** | ***Collateralized Loan Obligation Debt (82.04%) (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 22, Ltd., Class F | 3M SOFR + 7.92% | 3/11/2025 | 10/20/2037 | $1000000 | $968633 | $974764 |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 24, Ltd., Class F | 3M SOFR + 7.00% | 3/14/2025 | 10/20/2038 | 5000000 | 5000000 | 5035449 |
| &nbsp;&nbsp;&nbsp;Green Lakes Park CLO LLC, Class F | 3M SOFR + 7.25% | 1/17/2025 | &nbsp;&nbsp;1/25/2038 | 500000 | 500000 | 502958 |
| &nbsp;&nbsp;&nbsp;Greenacre Park CLO LLC, Class FR | 3M SOFR + 7.46% | 5/22/2025 | &nbsp;&nbsp;7/20/2038 | 200000 | 188322 | 192733 |
| &nbsp;&nbsp;&nbsp;Halseypoint CLO 7, Ltd., Class FR | 3M SOFR + 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/6/2025 | &nbsp;&nbsp;7/20/2038 | 250000 | 230546 | 233428 |
| &nbsp;&nbsp;&nbsp;Harriman Park CLO, Ltd., Class FRR | 3M SOFR + 7.75% | 6/18/2025 | &nbsp;&nbsp;7/20/2038 | 250000 | 242654 | 245884 |
| &nbsp;&nbsp;&nbsp;Higley Park CLO, Ltd., Class F | 3M SOFR + 7.11% | 7/10/2025 | &nbsp;&nbsp;7/24/2038 | 250000 | 242578 | 245028 |
| &nbsp;&nbsp;&nbsp;Katayma CLO I, Ltd., Class E<sup>(f)</sup> | 3M SOFR + 8.14% | 11/14/2023 | 10/20/2036 | 3000000 | 2963299 | 3032310 |
| &nbsp;&nbsp;&nbsp;KKR CLO 37, Ltd., Class FR | 3M SOFR + 7.50% | 2/21/2025 | &nbsp;&nbsp;4/20/2038 | 200000 | 200000 | 201047 |
| &nbsp;&nbsp;&nbsp;KKR CLO 49, Ltd., Class FR | 3M SOFR + 7.83% | 10/8/2024 | 10/20/2037 | 500000 | 463431 | 471763 |
| &nbsp;&nbsp;&nbsp;KKR CLO 54, Ltd., Class F | 3M SOFR + 7.11% | 11/22/2024 | &nbsp;&nbsp;1/15/2038 | 175000 | 162005 | 163914 |
| &nbsp;&nbsp;&nbsp;KKR CLO 55, Ltd., Class F | 3M SOFR + 7.26% | 7/11/2025 | &nbsp;&nbsp;7/20/2038 | 250000 | 242576 | 244927 |
| &nbsp;&nbsp;&nbsp;KKR CLO 60, Ltd., Class F | 3M SOFR + 7.15% | 11/19/2024 | &nbsp;&nbsp;1/15/2038 | 200000 | 185163 | 187490 |
| &nbsp;&nbsp;&nbsp;Lake George Park CLO, Ltd., Class F | 3M SOFR + 7.00% | 2/18/2025 | &nbsp;&nbsp;4/15/2038 | 300000 | 300000 | 301770 |
| &nbsp;&nbsp;&nbsp;LCM 39, Ltd., Class FR | 3M SOFR + 7.31% | 10/18/2024 | 10/15/2034 | 950000 | 901079 | 912487 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXX, Ltd., Class FR | 3M SOFR + 7.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/9/2024 | &nbsp;&nbsp;7/16/2037 | 250000 | 245531 | 249951 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXXI, Ltd., Class FR | 3M SOFR + 7.90% | 5/30/2024 | &nbsp;&nbsp;7/23/2037 | 250000 | 245601 | 249311 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding LVII, Ltd., Class F | 3M SOFR + 7.86% | 7/31/2024 | &nbsp;&nbsp;7/27/2034 | 250000 | 245890 | 248795 |
| &nbsp;&nbsp;&nbsp;Magnetite XXII, Ltd., Class F | 3M SOFR + 7.61% | 7/23/2024 | &nbsp;&nbsp;7/15/2036 | 2000000 | 1967331 | 1990195 |
| &nbsp;&nbsp;&nbsp;Magnetite XXVII, Ltd., Class ER | 3M SOFR + 6.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/3/2025 | 10/20/2034 | 1000000 | 1006125 | 1007392 |
| &nbsp;&nbsp;&nbsp;Magnetite XXIX, Ltd., Class F | 3M SOFR + 7.75% | 8/14/2024 | &nbsp;&nbsp;7/15/2037 | 750000 | 750000 | 764890 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXVI, Ltd., Class FR | 3M SOFR + 7.18% | 5/30/2025 | &nbsp;&nbsp;7/25/2038 | 250000 | 245140 | 250026 |
| &nbsp;&nbsp;&nbsp;Magnetite XLII, Ltd., Class F | 3M SOFR + 6.40% | 1/22/2025 | &nbsp;&nbsp;1/25/2038 | 500000 | 493618 | 496805 |
| &nbsp;&nbsp;&nbsp;Magnetite XLV, Ltd., Class F | 3M SOFR + 6.50% | 3/12/2025 | &nbsp;&nbsp;4/15/2038 | 950000 | 950000 | 956369 |
| &nbsp;&nbsp;&nbsp;Magnetite XLVII, Ltd., Class F | 3M SOFR + 7.22% | 10/17/2024 | &nbsp;&nbsp;1/25/2038 | 3500000 | 3443579 | 3512730 |
| &nbsp;&nbsp;&nbsp;Man US CLO 2024-1, Ltd., Class E<sup>(f)</sup> | 3M SOFR + 7.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/4/2024 | &nbsp;&nbsp;7/20/2037 | 2000000 | 1982111 | 2013911 |
| &nbsp;&nbsp;&nbsp;Marble Point CLO XXI, Ltd., Class D2 | 3M SOFR + 5.24% | 10/30/2024 | 10/17/2034 | 470000 | 462457 | 467002 |
| &nbsp;&nbsp;&nbsp;Menlo CLO I, Ltd., Class F | 3M SOFR + 6.30% | 11/22/2024 | &nbsp;&nbsp;1/20/2038 | 3187500 | 2891669 | 2925199 |
| &nbsp;&nbsp;&nbsp;Menlo CLO II, Ltd., Class F | 3M SOFR + 6.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/4/2025 | &nbsp;&nbsp;4/20/2038 | 3000000 | 2768447 | 2805649 |
| &nbsp;&nbsp;&nbsp;Menlo CLO III, Ltd., Class E | 3M SOFR + 5.35% | 9/11/2025 | 10/16/2038 | 3000000 | 3000000 | 3005281 |
| &nbsp;&nbsp;&nbsp;Mountain View CLO XIX, Ltd., Class E | 3M SOFR + 6.25% | 8/26/2025 | 10/17/2038 | 5000000 | 5000000 | 5010627 |
| &nbsp;&nbsp;&nbsp;Navesink CLO 2, Ltd., Class E<sup>(f)</sup> | 3M SOFR + 7.50% | 5/13/2025 | &nbsp;&nbsp;4/15/2036 | 3000000 | 2993331 | 3034007 |
| &nbsp;&nbsp;&nbsp;Navesink CLO 3, Ltd., Class E | 3M SOFR + 6.82% | 6/12/2025 | &nbsp;&nbsp;7/15/2037 | 3000000 | 2970852 | 3003458 |
| &nbsp;&nbsp;&nbsp;Navesink CLO 4, Ltd., Class E | 3M SOFR + 6.25% | 9/26/2025 | 10/15/2037 | 2000000 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;NGC 2024-I, Ltd., Class E | 3M SOFR + 8.73% | 5/17/2024 | &nbsp;&nbsp;7/20/2037 | 2000000 | 1973544 | 2006112 |
| &nbsp;&nbsp;&nbsp;Niagara Park CLO, Ltd., Class ERR<sup>(f)</sup> | 3M SOFR + 6.10% | 11/5/2024 | &nbsp;&nbsp;1/17/2038 | 4500000 | 4500000 | 4578014 |
| &nbsp;&nbsp;&nbsp;Niagara Park CLO, Ltd., Class FRR | 3M SOFR + 7.16% | 11/5/2024 | &nbsp;&nbsp;1/17/2038 | 250000 | 238490 | 242308 |
| &nbsp;&nbsp;&nbsp;Obra CLO 1, Ltd., Class E | 3M SOFR + 6.75% | 8/19/2025 | &nbsp;&nbsp;1/20/2038 | 2250000 | 2288882 | 2294341 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO IX, Class FRR | 3M SOFR + 7.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/3/2025 | &nbsp;&nbsp;1/15/2038 | 1000000 | 914166 | 918124 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 5, Ltd., Class E | 3M SOFR + 6.40% | 7/28/2025 | 10/20/2037 | 4250000 | 4318712 | 4344086 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 6, Ltd., Class F | 3M SOFR + 7.81% | 10/15/2024 | 10/15/2037 | 250000 | 240808 | 245231 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 7, Ltd., Class F | 3M SOFR + 7.33% | 11/25/2024 | &nbsp;&nbsp;1/15/2038 | 250000 | 240686 | 243596 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 8, Ltd., Class F | 3M SOFR + 7.25% | 2/28/2025 | &nbsp;&nbsp;4/15/2038 | 250000 | 250000 | 251413 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XIV, Ltd., Class FR2 | 3M SOFR + 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/3/2025 | &nbsp;&nbsp;1/20/2038 | 200000 | 200000 | 201165 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XX, Ltd., Class FR | 3M SOFR + 7.42% | 6/17/2025 | &nbsp;&nbsp;7/17/2038 | 250000 | 245107 | 248512 |
| &nbsp;&nbsp;&nbsp;Trestles CLO VII, Ltd., Class F | 3M SOFR + 7.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/9/2024 | 10/25/2037 | 2500000 | 2442626 | 2492282 |
| &nbsp;&nbsp;&nbsp;Trestles CLO VIII, Ltd., Class F | 3M SOFR + 7.94% | 5/23/2025 | &nbsp;&nbsp;6/11/2035 | 2000000 | 1971740 | 1996729 |
| &nbsp;&nbsp;&nbsp;Trimaran CAVU 2019-1, Ltd., Class ER | 3M SOFR + 6.00% | 12/19/2024 | &nbsp;&nbsp;1/20/2037 | 3000000 | 3000000 | 3020930 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XXXI, Ltd., Class E | 3M SOFR + 5.95% | 5/14/2025 | &nbsp;&nbsp;1/22/2038 | 1500000 | 1511871 | 1544996 |
| &nbsp;&nbsp;&nbsp;TSTAT 2022-1, Ltd., Class FR<sup>(f)</sup> | 3M SOFR + 8.69% | 7/12/2024 | &nbsp;&nbsp;7/20/2037 | 5240000 | 5197841 | 5252376 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 9

Bluerock High Income Institutional Credit Fund Portfolio of Investments

September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<sup>(a)</sup>** | **Estimated Yield/<br> Interest Rate** | **Acquisition Date<sup>(b)</sup>** | **Maturity Date** | **Principal** | **Principal** | **Cost<sup>(c)</sup>** | **Value<sup>(d)</sup>** |
| ***Collateralized Loan Obligation Debt (82.04%) (continued)***  | ***Collateralized Loan Obligation Debt (82.04%) (continued)***  | ***Collateralized Loan Obligation Debt (82.04%) (continued)***  | ***Collateralized Loan Obligation Debt (82.04%) (continued)***  | ***Collateralized Loan Obligation Debt (82.04%) (continued)***  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO 2022-1, Ltd., Class D1R<sup>(f)</sup> | 3M SOFR + 3.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/29/2025 | &nbsp;&nbsp;7/15/2037 | $| 5000000 | $5052880 | $5046457 |
| &nbsp;&nbsp;&nbsp;Wellman Park CLO, Ltd., Class F | 3M SOFR + 8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/2024 | &nbsp;&nbsp;7/15/2037 |  | 1000000 | 1000000 | 1016306 |
| &nbsp;&nbsp;&nbsp;Wildwood Park CLO, Ltd., Class F | 3M SOFR + 7.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/12/2024 | 10/20/2037 |  | 980000 | 935124 | 954679 |
| &nbsp;&nbsp;&nbsp;Zais CLO 18, Ltd., Class DJR<sup>(f)</sup> | 9.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/12/2025 | 10/25/2037 |  | 5000000 | 5000000 | 5021559 |
| &nbsp;&nbsp;&nbsp;Zais CLO 18, Ltd., Class ER | 3M SOFR + 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/12/2025 | 10/25/2037 |  | 4000000 | 4000000 | 4009008 |
| **Total Collateralized Loan Obligation Debt(Cost $154,759,682)** | **Total Collateralized Loan Obligation Debt(Cost $154,759,682)** | **Total Collateralized Loan Obligation Debt(Cost $154,759,682)** | **Total Collateralized Loan Obligation Debt(Cost $154,759,682)** | **Total Collateralized Loan Obligation Debt(Cost $154,759,682)** |  |  | $**156131206** |
| ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** | ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** | ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** | ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** | ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** | ***Collateralized Loan Obligations Equity (33.24%)<sup>(g)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Apidos CLO XLIX, Class SUB | 12.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/2/2024 | 10/24/2037 |  | 3000000 | 2486793 | 2781079 |
| &nbsp;&nbsp;&nbsp;Bain Capital CLO 2024-1, Ltd., Class SUB | 12.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/20/2024 | &nbsp;&nbsp;4/16/2037 |  | 5000000 | 4199887 | 4259390 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2024-3, Ltd., Class SUB | 13.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/2024 | &nbsp;&nbsp;7/16/2037 |  | 4000000 | 3069716 | 3236138 |
| &nbsp;&nbsp;&nbsp;Generate CLO 13, Ltd., Class SUB | 9.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/26/2024 | &nbsp;&nbsp;1/20/2037 |  | 3000000 | 2235110 | 2234935 |
| &nbsp;&nbsp;&nbsp;Generate CLO 15, Ltd., Class SUB | 11.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/3/2024 | &nbsp;&nbsp;7/20/2037 |  | 3000000 | 2488755 | 2608112 |
| &nbsp;&nbsp;&nbsp;New Mountain CLO 6, Ltd., Class SUB | 12.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/23/2024 | 10/15/2037 |  | 3300000 | 2650297 | 2839036 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 28, Ltd., Class FEE | 16.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/2/2024 | &nbsp;&nbsp;4/24/2037 |  | 4950000 | 2461974 | 2732051 |
| &nbsp;&nbsp;&nbsp;Park Blue CLO 2024-V, Ltd., Class SUB | 15.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/21/2024 | &nbsp;&nbsp;7/25/2037 |  | 2530000 | 1842636 | 2060922 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 6, Ltd., Class INC | 15.37% | 10/15/2024 | 10/15/2037 |  | 3000000 | 2308162 | 2652735 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO VI, Ltd., Class SUB | 12.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/21/2022 | &nbsp;&nbsp;1/25/2034 |  | 35421178 | 13917215 | 12734154 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO VII, Ltd., Class SUB | 14.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/21/2022 | &nbsp;&nbsp;1/25/2035 |  | 9450000 | 3698091 | 3484765 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO IX, Ltd., Class SUB | 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/21/2022 | &nbsp;&nbsp;1/20/2032 |  | 13000000 | 1696442 | 936235 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO X, Ltd., Class SUB | 14.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/21/2022 | &nbsp;&nbsp;1/15/2035 |  | 22900000 | 11385467 | 10955159 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XII, Ltd., Class SUB | 3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/21/2022 | &nbsp;&nbsp;4/25/2033 |  | 11820000 | 8025062 | 6956753 |
| &nbsp;&nbsp;&nbsp;Wildwood Park CLO, Ltd., Class SUB | 13.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/12/2024 | 10/20/2037 |  | 3070000 | 2564389 | 2779867 |
| **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** | **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** | **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** | **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** | **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** | **Total Collateralized Loan Obligations Equity(Cost $65,029,996)** |  | $**63251331** |
| **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** | **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** | **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** | **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** | **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** | **Total COLLATERALIZED LOAN OBLIGATIONS(Cost $219,789,678)** |  | $**219382537** |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS (7.37%)** | **Shares** | |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Fund - Government Portfolio - Class I, 4.04%(Cost $14,020,968)<sup>(i)</sup> | 14020968 | 14020968 |
| **TOTAL INVESTMENTS- (122.64%) (COST $233,810,646)** |  | $**233403505** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS ((22.64%))** |  | **(43094534)** |
| **Net Assets (100.00%)** |  | $**190308971** |

---

**Reverse Repurchase Agreements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Borrow Amount** | **Maturity Amount** |
| Lucid Management and Capital Partners | 5.57240% | 7/17/25 | 10/16/25 | $(8002000) | $(8113170) |
| Lucid Management and Capital Partners | 5.32240% | 7/17/25 | 10/16/25 | $(6727000) | $(6816264) |
| Lucid Management and Capital Partners | 5.26975% | 8/22/25 | 10/16/25 | $(3850000) | $(3880572) |
| Royal Bank of Canada | SOFR + 1% | 9/17/25 | 12/17/25 | $(3214000) | $(3257110) |
| Royal Bank of Canada | SOFR + 1.35% | 9/9/25 | 10/9/25 | $(2456000) | $(2466981) |
| **Total** |  |  |  | $**(24249000)** | $**(24534097)** |

---

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund Portfolio of Investments

September 30, 2025

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

3M US SOFR - 3 Month SOFR as of September 30, 2025 was 4.35%

*<sup>(a)</sup>* *The Fund does not "control" nor is an "affiliate" of any of the portfolio investments, each term as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). In general, under the 1940 Act, the Fund would be presumed to "control" a portfolio company if the Fund owned more than 25% of its voting securities and would be an "affiliate" of a portfolio company if the Fund owned 5% or more of its voting securities.*

*<sup>(b)</sup>* *Acquisition date represents the initial purchase trade date, or the date the investment was contributed to the Fund at inception.*

*<sup>(c)</sup>* *Cost represents the GAAP amortized cost, defined as the initial cost minus any return of principal and/or adjusted for the accretion(amortization) of discounts(premiums).*

*<sup>(d)</sup>* *Fair value is determined in good faith in accordance with valuation principles pursuant to FASB ASC Topic 820 "Fair Value Measurement". Fair value is determined using significant unobservable inputs. The total fair value of these investments as of 9/30/2025 was 219,382,537, which represents 115.28% of total net assets of the fund.*

*<sup>(e)</sup>* *The securities in which the Fund has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of 9/30/2025, the aggregate market value of those securities was $219,382,537, representing 115.28% of net assets.*

*<sup>(f)</sup>* *All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At 9/30/2025, the value of securities pledged amounted to $36,965,224 or 19.42% of net assets. See Note 3.*

*<sup>(g)</sup>* *The CLO subordinated notes are considered equity positions in the CLO funds. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund's securities less contractual payments to CLO debt tranche holders and CLO expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions, and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.*

*<sup>(h)</sup>* *As of September 30, 2025, the estimated yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost. Future recurring distributions, once received, will be recognized solely as return of capital until the aggregate projected amount of future recurring distributions and terminal principal payment exceeds the amortized investment cost.*

*<sup>(i)</sup>* *The rate shown is the annualized 7-day yield as of September 30, 2025.*

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 11

Bluerock High Income Institutional Credit Fund Statement of Assets and Liabilities

September 30, 2025

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investments, at value(Cost $233,810,646) | $233403505 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 467426 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest receivable | 3158405 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 37156 |
| **Total assets** | 237066492 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 18265400 |
| &nbsp;&nbsp;&nbsp;Payable for reverse repurchase agreement | 24249000 |
| &nbsp;&nbsp;&nbsp;Payable for interest on reverse repurchase agreements | 208142 |
| &nbsp;&nbsp;&nbsp;Payable for distributions | 3606334 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 154638 |
| &nbsp;&nbsp;&nbsp;Transfer agency fees payable | 51513 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 4633 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable | 15976 |
| &nbsp;&nbsp;&nbsp;Compliance fee payable | 5633 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 196252 |
| **Total liabilities** | 46757521 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (See Note 4) |  |
| **NET ASSETS** | $190308971 |
| **NET ASSETS CONSIST OF** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $197503608 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated deficit) | (7194637) |
| **NET ASSETS** | $190308971 |
| **PRICING OF SHARES** |  |
| **Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $23.09 |
| &nbsp;&nbsp;&nbsp;Net assets | $39339386 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1703606 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price) | 24.50 |
| **Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $23.09 |
| &nbsp;&nbsp;&nbsp;Net assets | $15655638 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 678172 |
| **Class F:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $23.09 |
| &nbsp;&nbsp;&nbsp;Net assets | $55045371 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 2383721 |
| **Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $23.11 |
| &nbsp;&nbsp;&nbsp;Net assets | $80268576 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 3473069 |

---

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund Statement of Operations

For the year ended September 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Interest income | $5605776 |
| **Total investment income** | 5605776 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory fees | 2483451 |
| &nbsp;&nbsp;&nbsp;Incentive Fees | 1788865 |
| &nbsp;&nbsp;&nbsp;Administration fees | 364704 |
| &nbsp;&nbsp;&nbsp;Transfer Agency fees | 282029 |
| &nbsp;&nbsp;&nbsp;Shareholding servicing fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 86964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 31243 |
| &nbsp;&nbsp;&nbsp;Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 93730 |
| &nbsp;&nbsp;&nbsp;Legal fees | 161080 |
| &nbsp;&nbsp;&nbsp;Professional fees | 174302 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders and printing fees | 64923 |
| &nbsp;&nbsp;&nbsp;Custody fees | 16553 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 33176 |
| &nbsp;&nbsp;&nbsp;Interest expense (See Note 3) | 914086 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 41965 |
| &nbsp;&nbsp;&nbsp;Other expenses | 115438 |
| **Total Expenses** | 6652509 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/expenses reimbursed by Advisor (See Note 4) | (3284359) |
| **Net Expenses** | 3368150 |
| **Net investment income** | 2237626 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from Investments | 842057 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 13496527 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 14338584 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $16576210 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| For the year ended September 30, 2025 13

Bluerock High Income Institutional Credit Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2237626 | $17768369 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 842057 | 1653110 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13496527 | (6456427) |
| **Net Increase in Net Assets Resulting from Operations** | 16576210 | 12965052 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (3425996) | (2303973) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1147218) | (533792) |
| **Class F** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6735501) | (12492383) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (7037987) | (3877921) |
| **Total Distributions to Shareholders** | (18346702) | (19208069) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14397061 | 23787719 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 1558321 | 1314401 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4479640) | (1470294) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7551976 | 8479473 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 447680 | 207539 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (951545) | (301601) |
| **Class F** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 635861 | 829855 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (17776391) | (12693408) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 39631062 | 47712615 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 798682 | 724004 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12318427) | (1713854) |
| **Net increase in Net Assets Derived from Capital Share Transactions** | 29494640 | 66876449 |
| Net increase in net assets | 27724148 | 60633432 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 162584823 | 101951391 |
| &nbsp;&nbsp;&nbsp;End of year | $190308971 | $162584823 |

---

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Other Information** |  |  |
| **Share Transactions:** |  |  |
| **Class A** |  |  |
| Beginning shares | 1211987 | 220324 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 616647 | 998227 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 66829 | 55641 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (191857) | (62205) |
| Net increase in shares outstanding | 491619 | 991663 |
| Ending shares | 1703606 | 1211987 |
| **Class C** |  |  |
| Beginning shares | 376013 | 22879 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 324202 | 356985 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 19221 | 8800 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (41264) | (12651) |
| Net increase in shares outstanding | 302159 | 353134 |
| Ending shares | 678172 | 376013 |
| **Class F** |  |  |
| Beginning shares | 3122735 | 3619797 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 27274 | 35119 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (766288) | (532181) |
| Net decrease in shares outstanding | (739014) | (497062) |
| Ending shares | 2383721 | 3122735 |
| **Class I** |  |  |
| Beginning shares | 2274835 | 313549 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1696074 | 2002920 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 34147 | 30658 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (531987) | (72292) |
| Net increase in shares outstanding | 1198234 | 1961286 |
| Ending shares | 3473069 | 2274835 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 15

Bluerock High Income Institutional Credit Fund Statement of Cash Flows

---

| | |
|:---|:---|
| | **For the Year Ended<br> September 30, 2025** |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets resulting from operations | $16576210 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
| &nbsp;&nbsp;&nbsp;Purchase of investment securities | (187729779) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | 134479090 |
| &nbsp;&nbsp;&nbsp;Net purchases of short-term investments securities | (1348973) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | (842057) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on Investments | (13496527) |
| &nbsp;&nbsp;&nbsp;Discount and premiums amortized | 24564067 |
| (Increase)/Decrease in Assets: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | (659328) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 7786 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor | 266107 |
| Increase/(Decrease) in Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Due to advisor | 154638 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | (59229) |
| &nbsp;&nbsp;&nbsp;Transfer agency fees payable | 38296 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | (2420) |
| &nbsp;&nbsp;&nbsp;Distribution fees payable | 11065 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees payable | (51) |
| &nbsp;&nbsp;&nbsp;Payable for interest on reverse repurchase agreement | 171406 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 68117 |
| **Net Cash used in Operating Activities** | (27801582) |
| **Cash Flows from Financing Activities:** |  |
| Proceeds from reverse repurchase agreement | 16810000 |
| Proceeds from shares sold | 62261050 |
| Payment on shares redeemed | (35526003) |
| Cash distributions paid | (15743465) |
| **Net Cash provided by Financing Activities** | 27801582 |
| **Net Change in Cash**  |  |
| **Cash Beginning of Year** | $– |
| **Cash End of Year** | $– |
| **Supplemental disclosure of non-cash operating and financing activities:** |  |
| Non-cash financing activities not included herein consist of reinvestment of distributions of: | $3440544 |
| Cash paid for interest on reverse repurchase agreements during the year was: | 742680 |

---

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund - Class A Financial Highlights

*The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Period<br> Ended<br> September 30,<br> 2022<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF YEAR** | $23.27 | $24.41 | $25.11 | $25.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.17 | 3.28 | 4.01 | 1.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.97 | (0.74) | (2.47) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 2.14 | 2.54 | 1.54 | 0.61 |
| **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.32) | (3.68) | (1.89) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital | – | – | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (2.32) | (3.68) | (2.24) | (0.50) |
| **NET ASSET VALUE, END OF YEAR** | $23.09 | $23.27 | $24.41 | $25.11 |
| **TOTAL RETURN<sup>(c)</sup>** | 9.45% | 11.04% | 6.58% | 2.43 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of year/period (000s) | $39339 | $28208 | $5378 | $142 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 3.79% | 5.16% | 5.72% | 7.61 %<sup>(f)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(g)</sup> | 2.14% | 0.10% | 0.00% | 0.00 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | 0.75% | 13.80% | 16.68% | 15.94 %<sup>(f)</sup> |
| Portfolio turnover rate | 68% | 67% | 23% | 0 %<sup>(d)</sup> |

---

*<sup>(a)</sup>* *Class A inception date was June 21, 2022.*

*<sup>(b)</sup>* *Per share amounts are calculated using the average shares method.*

*<sup>(c)</sup>* *Total returns are historical in nature and assumes changes in net asset value per share, reinvestment of dividends and capital gains distributions, if any, and do not reflect the impact of sales charges. Had the Advisor not absorbed a portion of the Fund expenses, total returns would have been lower.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Represents the ratio of expenses to average net assets absent fee waivers expense reimbursement and/or recoupment by the Advisor.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *In addition to the Expense Limitation Agreement, the Advisor voluntarily absorbed all of the operating expenses of the Fund from the commencement of the Fund's operations until January 1, 2025, resulting in 1.56%, 4.87%, 5.33% and 5.86% voluntarily waived during the year ended September 30, 2025 September 30, 2024 September 30, 2023 and September 30, 2022 respectively. Effective January 1, 2025, the Advisor ceased its voluntary waiving and absorption of Fund operating expenses, except the incentive fees. In the absence of the Advisor's election to waive or bear these expenses during the periods presented, the ratio of expenses to average net assets, including fee waivers and reimbursements, would have been higher.*

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 17

Bluerock High Income Institutional Credit Fund - Class C Financial Highlights

*The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Period<br> Ended<br> September 30,<br> 2022<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF YEAR** | $23.27 | $24.41 | $25.10 | $25.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.14) | 3.26 | 3.87 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.15 | (0.72) | (2.32) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 2.01 | 2.54 | 1.55 | 0.60 |
| **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.19) | (3.68) | (1.89) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |
|  | – | – | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (2.19) | (3.68) | (2.24) | (0.50) |
| **NET ASSET VALUE, END OF YEAR** | $23.09 | $23.27 | $24.41 | $25.10 |
| **TOTAL RETURN<sup>(c)</sup>** | 8.88% | 11.05% | 6.63% | 2.39 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of year/period (000s) | $15656 | $8751 | $559 | $25 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 4.59% | 5.96% | 6.45% | 7.31 %<sup>(f)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(g)</sup> | 2.82% | 0.12% | 0.00% | 0.00 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | (0.60%) | 13.74% | 16.09% | 15.76 %<sup>(f)</sup> |
| Portfolio turnover rate | 68% | 67% | 23% | 0 %<sup>(d)</sup> |

---

*<sup>(a)</sup>* *Class C inception date was June 21, 2022.*

*<sup>(b)</sup>* *Per share amounts are calculated using the average shares method.*

*<sup>(c)</sup>* *Total returns are historical in nature and assumes changes in net asset value per share, reinvestment of dividends and capital gains distributions, if any. Had the Advisor not absorbed a portion of the Fund expenses, total returns would have been lower.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Represents the ratio of expenses to average net assets absent fee waivers expense reimbursement and/or recoupment by the Advisor.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *In addition to the Expense Limitation Agreement, the Advisor voluntarily absorbed all of the operating expenses of the Fund from the commencement of the Fund's operations until January 1, 2025, resulting in 1.63%, 5.61%, 6.08% and 5.56% voluntarily waived during the year ended September 30, 2025 September 30, 2024 September 30, 2023 and September 30, 2022 respectively. Effective January 1, 2025, the Advisor ceased its voluntary waiving and absorption of Fund operating expenses, except the incentive fees. In the absence of the Advisor's election to waive or bear these expenses during the periods presented, the ratio of expenses to average net assets, including fee waivers and reimbursements, would have been higher.*

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund - Class F Financial Highlights

*The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Period<br> Ended<br> September 30,<br> 2022<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF YEAR** | $23.27 | $24.41 | $25.10 | $25.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.57 | 3.35 | 4.00 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.71 | (0.81) | (2.45) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 2.28 | 2.54 | 1.55 | 0.60 |
| **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.46) | (3.68) | (1.89) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |
|  | – | – | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (2.46) | (3.68) | (2.24) | (0.50) |
| **NET ASSET VALUE, END OF YEAR** | $23.09 | $23.27 | $24.41 | $25.10 |
| **TOTAL RETURN<sup>(c)</sup>** | 10.11% | 11.03% | 6.63% | 2.39 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of year/period (000s) | $55045 | $72653 | $88359 | $84108 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 3.45% | 4.85% | 5.59% | 6.31 %<sup>(f)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(g)</sup> | 1.38% | 0.06% | 0.00% | 0.00 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | 2.43% | 14.04% | 16.51% | 15.75 %<sup>(f)</sup> |
| Portfolio turnover rate | 68% | 67% | 23% | 0 %<sup>(d)</sup> |

---

*<sup>(a)</sup>* *Class F inception date was June 21, 2022.*

*<sup>(b)</sup>* *Per share amounts are calculated using the average shares method.*

*<sup>(c)</sup>* *Total returns are historical in nature and assumes changes in net asset value per share, reinvestment of dividends and capital gains distributions, if any. Had the Advisor not absorbed a portion of the Fund expenses, total returns would have been lower.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Represents the ratio of expenses to average net assets absent fee waivers expense reimbursement and/or recoupment by the Advisor.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *In addition to the Expense Limitation Agreement, the Advisor voluntarily absorbed all of the operating expenses of the Fund from the commencement of the Fund's operations until January 1, 2025, resulting in 1.48%, 4.02%, 4.48% and 4.56% voluntarily waived during the year ended September 30, 2025 September 30, 2024 September 30, 2023 and September 30, 2022 respectively. Effective January 1, 2025, the Advisor ceased its voluntary waiving and absorption of Fund operating expenses, except the incentive fees. In the absence of the Advisor's election to waive or bear these expenses during the periods presented, the ratio of expenses to average net assets, including fee waivers and reimbursements, would have been higher.*

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 19

Bluerock High Income Institutional Credit Fund - Class I Financial Highlights

*The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Period<br> Ended<br> September 30,<br> 2022<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF YEAR** | $23.29 | $24.42 | $25.10 | $25.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.17 | 3.27 | 3.82 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.01 | (0.72) | (2.26) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 2.18 | 2.55 | 1.56 | 0.60 |
| **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** | **DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.36) | (3.68) | (1.89) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital |
|  | – | – | (0.35) | (0.48) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (2.36) | (3.68) | (2.24) | (0.50) |
| **NET ASSET VALUE, END OF YEAR** | $23.11 | $23.29 | $24.42 | $25.10 |
| **TOTAL RETURN<sup>(c)</sup>** | 9.62% | 11.10% | 6.67% | 2.39 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of year/period (000s) | $80269 | $52973 | $7656 | $51 |
| **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 3.63% | 5.01% | 5.44% | 6.22 %<sup>(f)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(g)</sup> | 1.97% | 0.11% | 0.00% | 0.00 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | 0.72% | 13.77% | 15.91% | 15.78 %<sup>(f)</sup> |
| Portfolio turnover rate | 68% | 67% | 23% | 0 %<sup>(d)</sup> |

---

*<sup>(a)</sup>* *Class I inception date was June 21, 2022.*

*<sup>(b)</sup>* *Per share amounts are calculated using the average shares method.*

*<sup>(c)</sup>* *Total returns are historical in nature and assumes changes in net asset value per share, reinvestment of dividends and capital gains distributions, if any. Had the Advisor not absorbed a portion of the Fund expenses, total returns would have been lower.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Represents the ratio of expenses to average net assets absent fee waivers expense reimbursement and/or recoupment by the Advisor.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *In addition to the Expense Limitation Agreement, the Advisor voluntarily absorbed all of the operating expenses of the Fund from the commencement of the Fund's operations until January 1, 2025, resulting in 1.48%, 4.62%, 5.08% and 4.47% voluntarily waived during the year ended September 30, 2025 September 30, 2024 September 30, 2023 and September 30, 2022 respectively. . Effective January 1, 2025, the Advisor ceased its voluntary waiving and absorption of Fund operating expenses, except the incentive fees. In the absence of the Advisor's election to waive or bear these expenses during the periods presented, the ratio of expenses to average net assets, including fee waivers and reimbursements, would have been higher.*

*The accompanying notes are an integral part of these financial statements.*

Bluerock High Income Institutional Credit Fund Financial Highlights

**Information about the Fund's senior securities as of each period is shown in the following table:**

---

| | | |
|:---|:---|:---|
| | September 30, 2025 | September 30, 2024 |
| Total Amount Outstanding under Reverse Repurchase Agreement (000's) | $24249 | $7439 |
| Asset Coverage Per $1,000 of Reverse Repurchase Agreement<sup>(a)</sup> | 8848 | 22856 |

---

*<sup>(a)</sup>* Calculated as the difference between the Fund's total assets and total liabilities (excluding the indebtedness represented by the Reverse Repurchase Agreement) and dividing by the total amount outstanding on the Reverse Repurchase Agreement. The Asset Coverage Ratio is then multiplied by $1,000 to determine the "Asset Coverage Per $1,000 of Reverse Repurchase Agreement Outstanding.

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| September 30, 2025 21

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

1. ORGANIZATION

The Bluerock High Income Institutional Credit Fund (the "Fund" or the "Trust") was organized as a Delaware statutory trust on August 19, 2021 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. The Fund is non-diversified. The Fund's investment advisor is Bluerock Credit Fund Advisor, LLC (the "Advisor"). Clearlake Asset Management, LLC, formerly known as WhiteStar Asset Management LLC, (the "Sub-Advisor" and/or "Clearlake Credit") serves as the Fund's investment sub-advisor, pursuant to the Sub-Advisor Agreement with the Advisor. The Fund's primary investment objective is to generate high current income, while secondarily seeking attractive, long-term risk-adjusted returns with low correlation to the broader markets.

The Fund pursues its investment objective by investing, directly or indirectly, in senior secured loans ("Senior Secured Loans"). The Fund may purchase Senior Secured Loans directly in the primary or secondary market and will invest in them indirectly by purchasing various tranches, including senior, junior and equity tranches, of entities that own a diversified pool of Senior Secured Loans known as Collateralized Loan Obligations, or "CLOs", (collectively with Senior Secured Loans, "Target Securities"). The Fund may invest in any structure where the primary collateral or assets are Target Securities. The Fund will generally focus its investment activities on U.S. dollar -denominated loans that (i) are broadly syndicated and made to U.S. companies, (ii) are senior in the capital structure with a priority claim on assets and cash flow of the underlying borrower, (iii) are primarily secured by first priority liens on assets of the underlying borrowers, (iv) are rated BB+ or below, known as "below investment grade" or "junk", or are unrated (v) are floating rate to provide some protection against rising interest rates, (vi) have loan to value ratios generally in the 40 – 60% range at origination, and (vii) in CLOs that own such loans and additionally (a) are diversified by issuer, industry and geography, (b) have senior tranches with high credit ratings in order to maximize excess spread, (c) have attractive risk-adjusted spreads, and (d) are actively managed by experienced CLO collateral managers, including Trinitas Capital Management, LLC ("Trinitas") or other advisors who may also be associated with the Sub-Advisor. Securities which are "below investment grade" or "junk" are predominantly speculative in nature.

The Fund commenced operations on June 21, 2022. The Fund currently offers Class A, Class C, Class F and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. Class C shares, Class F shares and Class I shares are not subject to sales charges. The minimum initial investment by a shareholder for Class A shares is $2,500 for regular accounts and $1,000 for retirement plan accounts, and a minimum subsequent investment of at least $100 for regular accounts and $50 for retirement plan accounts. Class A shares that were purchased in amounts of $1,000,000 or more that have been held less than one year (365 days) from the purchase date will be subject to an early withdrawal charge of 1.00% of the original purchase price. The minimum initial investment by a shareholder for Class C shares is $2,500 for regular accounts and $1,000 for retirement plan accounts, and a minimum subsequent investment of at least $100 for regular accounts and retirement plan accounts. Class C shares that have been held less than one year (365 days) from the purchase date will be subject to an early withdrawal charge of 1.00% of the original purchase price. The minimum initial investment for Class I shares is $1,000,000, while subsequent investments may be made with any amount. There is no minimum initial investment amount for Class F shares. Class F shares are not publicly available for purchase. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing shareholder service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its shareholder service and/or distribution plans. The Fund's income, expenses (other than class specific shareholder service and distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are governed by accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income, expenses and unrealized gain/(loss) on investments for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

**A.** **Valuation of Investments** – Fund investments are recognized at fair value, and subsequent changes in fair value are recognized in unrealized appreciation/(depreciation) on investments in the Statement of Operations. Fund investments are valued in accordance with FASB ASC Topic 820 "Fair Value Measurement", and governed by the Fund's valuation policies. The Fund's Board of Trustees (the "Board") has named the Advisor as its valuation designee. As the valuation designee, the Advisor executes the Fund's valuation policies. The Board reviews the execution of this process at least annually to assure the process produces reliable results. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of a security. Rather, in determining the fair value of a security for which there are no readily available market quotations, several factors may be considered, including fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, the liquidity of the market for the security and the recommendation of the Fund's third-party valuation consultants. The Advisor will attempt to obtain current information to value all fair valued securities.

Fair valuation procedures may be used to value a substantial portion of the assets of the Fund, including the Fund's investments in CLOs. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Advisor determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate.

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

The fair value of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality.

The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.

GAAP establishes a framework, including a hierarchy that prioritizes inputs to valuation methods, which the Fund utilizes on a recurring basis. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Collateralized Loan Obligations | $– | $– | $219382537 | $219382537 |
| Short Term Investments | 14020968 | – | – | 14020968 |
| TOTAL | $14020968 | $– | $219382537 | $233403505 |
| **Liabilities** |  |  |  |  |
| Reverse Repurchase Agreements | $– | $(24249000) | $– | $(24249000) |

---

The following table shows the aggregate changes in fair value of the Fund's Level 3 investments during the year ended September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of September 30,<br> 2024** | **Accrued Discount/ premium** | **Realized Gain/ (Loss)** | **Change in Unrealized Appreciation/ Depreciation** | **Purchases** | **Sales Proceeds** | **Balance as of September 30,<br> 2025** | **Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at September 30,<br> 2025** |
| Collateralized Loan Obligations | $167602388 | $(24564067) | $842057 | $13496527 | $196484722 | $(134479090) | $219382537 | $13496527 |

---

**A.1.** **Valuation of Collateralized Loan Obligations –** The Fund primarily invests in junior debt and equity tranches of CLOs. With respect to CLOs, the Fund has engaged an independent third-party valuation specialist to assist in estimating fair value for such securities in circumstances where a market price is not readily available. The factors that may be considered with respect to the valuation of CLOs include: loan terms and covenants, loan duration, contract (coupon) rate, rate structure, quality of collateral, debt service coverage ratio, prevailing interest rates, borrower's ability to adequately service its debt, loan prepayment rate, loan default rate, loan default recovery percentage, recent loan ratings migration, average loan prices in secondary market, pipeline of new issue CLO issuance, environment of high-yield bond markets, market interest rate sentiment, and other factors deemed applicable. All of these factors may be subject to adjustments based upon the particular circumstances of a security or the Fund's actual investment position. In addition, the Advisor considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, payment defaults, if any, and covenant cushions. In periods of illiquidity and volatility, the Advisor may rely more heavily on other qualities and metrics, including, but not limited to, the collateral manager, time left in the reinvestment period, and expected cash flows and overcollateralization ratios.

Annual Report \| September 30, 2025 23

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

The Advisor categorizes CLO investments as a Level 3 investment. Certain pricing inputs may be unobservable. An active market may exist, but not necessarily for CLO investments in which the Fund invests. The Advisor incorporates the prices from a third-party valuation specialist to estimate the fair value of CLO investments. Estimates are based on detailed information on the characteristics of each CLO, including recent information about the underlying senior secured loans and CLO debt liabilities from data sources such as trustee reports, in order to project future cash flows in a consistent and transparent manner.

The following table summarizes the quantitative inputs and assumptions used for investments categorized as Level 3 of the fair value hierarchy as of September 30, 2025. In addition to the technique and inputs noted in the table below, the Advisor may use other valuation techniques and methodologies when determining the Fund's fair value measurements as provided for in the valuation policy approved by the Board. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Fund's fair value measurements as of September 30, 2025. Unobservable inputs and assumptions are periodically reviewed and updated as necessary to reflect current market conditions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value at September<br> 30, 2025** | **Valuation Technique/<br> Methodologies** | **Unobservable Inputs** | **Range/Weighted Average(1)** |
| Collateralized Loan Obligations | $219382537 | Discounted Cash Flows | Annual Default Rate | 1.15%-2.00%/1.84% |
|  |  |  | Annual Prepayment Rate | 25.00% |
|  |  |  | Reinvestment Price | $98.00-$99.50/$99.21 |
|  |  |  | Recovery Rate | 70.00% |
|  |  |  | Expected Yield | 7.20%-17.28%/11.03% |

---

*<sup>(1)</sup>* *Weighted average calculations are based on the fair value of investments as of September 30, 2025. In the cases where no range is provided, a single assumption is being utilized.*

Increases (decreases) in the annual default rate, reinvestment price and expected yield in isolation would result in a lower (higher) fair value measurement. Increases (decreases) in recovery rate in isolation would result in a higher (lower) fair value measurement. Changes in the annual prepayment rate may result in a higher (or lower) fair value, depending on the circumstances. Generally, a change in the assumption used for the annual default rate may be accompanied by a directionally opposite change in the assumption used for the annual prepayment rate and recovery rate.

**A.2.** **Valuation of Other Investments –** Debt securities, including restricted securities, are valued based on evaluated prices received from a third party pricing vendor or from brokers who make markets in such securities. Debt securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities can be categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund will generally focus its investments in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. The Fund currently invests a portion of its assets, including excess cash, in a short term money market fund, which is valued at NAV on a daily basis and categorized as Level 1 in the hierarchy. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

**B.** **Security Transaction, Investment Income Recognition and Expenses –** Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income from short term money market investments is recorded on an accrual basis on the ex-dividend date. Interest income from investments in CLO debt is recorded using the accrual basis of accounting to the extent such amounts are expected to be collected. Interest income on investments in CLO debt is generally expected to be received in cash. Amortization of premium or accretion of discount is recognized using the effective interest method. Generally, if the Fund does not expect the borrower to be able to service its debt and other obligations, the Fund will, on a discretionary basis, place the debt investment on non-accrual status and will generally cease recognizing interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual debt investments to accrual status when past due principal and interest is paid and, in the Fund's judgment, the payments are likely to remain current. As of September 30, 2025 the Fund had no non-accrual debt investments in its portfolio. Interest income from investments in CLO equity is recorded based on an estimation of an effective yield to expected maturity utilizing estimated future cash flows. Interest income from CLO equity investments is monitored on an ongoing basis and is updated periodically to account for any change in expected future cash flows. Any difference between the actual cash received from CLO equity investments and the income recognized by the Fund is recorded as an adjustment to the cost basis of the investment.

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

**C.** **Federal Income Taxes –** The Fund qualifies and intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on open tax returns or expected to be taken in the Fund's 2024 tax returns. The Fund identifies its major tax jurisdiction as U.S. Federal. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended September 30, 2025, the Fund did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.

**D.** **Distributions to Shareholders –** Distributions from investment income are declared daily and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

**E.** **Cash and Cash Equivalents –** Cash and cash equivalents are held with a financial institution. The asset of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The Fund currently invests excess cash in a short term money market fund, which is valued at NAV on a daily basis and categorized as Level 1 in the hierarchy. The FDIC insures deposit accounts up to $250,000 for each account holder. At September 30, 2025, the Fund held $14,020,968 invested in a short term money market fund through the Custodian.

**F.** **Indemnification –** The Trust indemnifies its officers, trustees and distributor for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

3. REVERSE REPURCHASE AGREEMENTS

A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund.

For the year ended September 30, 2025, the average daily balance and average interest rate in effect for reverse repurchase agreements were $16,025,635 and 5.68%, respectively.

4. RELATED-PARTY TRANSACTIONS, SERVICE PROVIDERS AND TRUSTEE COMPENSATION

A. Related Party Transactions

**Investment Advisory Agreement–** Pursuant to an investment management agreement between the Trust and the Advisor, (the "Advisory Agreement"), investment advisory services are provided to the Fund by the Advisor. Under the terms of the Advisory Agreement, the Advisor is entitled to receive a fee consisting of two components — a base management fee and an incentive fee. Effective January 1, 2025 the Advisor agreed to (a) reduce its base management fee from an annual rate of 1.75% of the average value of the Fund's daily net assets to 1.25% of the average value of the Fund's daily net assets and (b) reduce its incentive fee from 20% of the Fund's "pre-incentive fee net investment income" subject to an annual hurdle rate of 8.0% to 12.50% of the Fund's "pre-incentive fee net investment income" subject to an annual hurdle rate of 7.50% The base management fee is calculated and payable monthly in arrears at the annual rate of 1.25% of the average value of the Fund's daily net assets during such period. The incentive fee is calculated and payable quarterly in arrears in an amount equal to 12.50% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's daily net assets, equal to 1.875% per quarter (or an annualized hurdle rate of 7.50%), subject to a "catch-up" feature, which allows the Advisor to recover foregone incentive fees that were previously limited by the hurdle rate. For these purposes, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's quarterly operating expenses (including the base management fee, expenses reimbursed to the Advisor or Sub-Advisor and any interest expenses and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee). For the year ended September 30, 2025, the Advisor earned a base management fee of $2,483,451 and incentive fees of $1,788,865. As of September 30, 2025, the due to advisor amount of $154,638, represents amounts owed to the advisor for payments of Fund expenses. No incentive fees were paid by the Fund during the period as the Advisor voluntarily waived the incentive fee.

Sub-advisory services are provided to the Fund pursuant to the Sub-Advisor Agreement between the Advisor and Clearlake Credit. Under the terms of the Sub-Advisor Agreement, the Sub-Advisor is paid 50% of the net investment advisory fees paid to the Advisor by the Fund pursuant to the Advisor Agreement between the Fund and the Advisor. The compensation is not an expense of the Fund.

Annual Report \| September 30, 2025 25

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

**Expense Limitation Agreement –** The Advisor and the Fund have entered into an expense limitation agreement (the "Expense Limitation Agreement") under which the Advisor has contractually agreed to waive its base management fees and to pay or absorb the ordinary operating expenses of the Fund (including offering and organizational expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, incentive fees, and extraordinary expenses), to the extent that such expenses exceed 2.10%, 2.85%, 1.25% and 1.85% per annum of the Fund's average daily net assets attributable to Class A shares, Class C shares, Class F shares and Class I shares, respectively (the "Expense Limitation"). Prior to January 1, 2025 the Expense Limitation limited such expenses to not exceed 2.60%, 3.35%, 1.75%, and 2.35% per annum of the Fund's average daily net assets attributable to Class A shares, Class C shares, Class F shares and Class I shares, respectively. In consideration of the Advisor's agreement to limit the Fund's expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from the date which they were incurred; (2) the reimbursement may not be made if it would cause the current, or then in effect Expense Limitation to be exceeded; and (3) the reimbursement is approved by the Board. The Expense Limitation Agreement will be effective until January 31, 2026, unless and until the Board approves its modification or termination. After January 31, 2026, the Expense Limitation Agreement may be renewed at the Advisor's and Board's discretion.

For the year ended September 30, 2025, the Advisor waived $552,856 pursuant to the Expense Limitation Agreement, which is subject to recoupment per the terms aforementioned. As of September 30, 2025, it is not probable that the Fund will be able to recoup this amount. Including amounts waived during the year ended September 30, 2025, cumulative fees and/or expenses subject to recapture pursuant to the aforementioned conditions amounted to $2,257,549 and will expire during the fiscal years indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** |
| Bluerock High Income Institutional Credit Fund | $970956 | $733737 | $552856 |

---

In addition to the Expense Limitation Agreement described above, for the year ended September 30, 2025, the Advisor voluntarily waived or absorbed a portion of the Fund's operating expenses, excluding interest expense, totaling $2,731,503. Operating expenses voluntarily waived or absorbed by the Advisor during this period are not subject to recoupment by the Advisor. Effective January 1, 2025, the Advisor ceased voluntarily waiving or absorbing the Fund's operating expenses, except the incentive fees. Accordingly, while the Advisor may continue to bear such expenses in the future at its discretion, it is under no obligation to do so for any specified period.

**B.** **Service Providers –** ALPS Fund Services, Inc. ("ALPS") provides administrative, fund accounting, compliance and other services to the Fund for a monthly administration fee based on the greater of an annual minimum fee or an asset based fee, which scales downward based upon average daily net assets.

UMB Bank, N.A ("Custodian"), with principal offices at 1010 Grand Boulevard, Kansas City, Missouri 64106, serves as the Fund's custodian.

DST Systems, Inc. ("DST"), serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all shareholder records of the Fund.

The distributor of the Fund is ALPS Distributors, Inc. (the "Distributor"). The Distributor acts as an agent for the Fund and the distributor of its shares. The Board has adopted, on behalf of the Fund, a Shareholder Services Plan and a Distribution Plan under which the Fund may compensate financial industry professionals for providing ongoing services in respect to clients with whom they have distributed shares of the Fund. Under the Shareholder Services Plan, the Fund pays up to 0.25% per year of the average daily net assets of each of Class A and Class C shares for such services. Class F shares and Class I shares are not subject to a shareholder servicing fee. Under the Distribution Plan, the Fund pays 0.75% per year of its average daily net assets for such services for Class C shares. Class A Shares, Class F shares, and Class I shares are not subject to a distribution fee. Fees under the Shareholder Services Plan and Distribution Plan are disclosed in the Statement of Operations for the year ended September 30, 2025.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended September 30, 2025, the Distributor paid $568,206 in underwriting commissions for sales of Class A shares, of which $100,865 was retained by the principal underwriter. For the year ended September 30, 2025, the Distributor paid $75,451 in advanced underwriting commissions for sales of Class C.

The Distributor has entered into a wholesale marketing agreement with Bluerock Capital Markets, LLC ("BCM"), a registered broker-dealer affiliate of the Advisor. Pursuant to the terms of the wholesale marketing agreement, BCM will seek to market and otherwise promote the Fund through various "wholesale" distribution channels, including regional and independent retail broker-dealers. BCM will receive a portion of the sales load from the sale of certain classes of Fund shares for its services provided under these agreements. For the year ended September 30, 2025, BCM received $101,395.

**C. Trustee Compensation –** Each Trustee who is not affiliated with the Trust or the Advisor receives an annual fee of $10,000, paid quarterly, of which $5,000 is paid in cash and the remaining is paid in the equivalent amount of the Fund shares, as well as reimbursement for any reasonable expenses incurred attending the meetings.

5. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2025, amounted to $196,484,723 and $134,612,264 respectively.

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

**6. REPURCHASE OFFERS / SHARES OF BENEFICIAL INTEREST**

In accordance with Rule 23c-3 under the 1940 Act, the Fund makes quarterly repurchase offers to its shareholders, offering to repurchase, at NAV. The Board shall determine the quarterly repurchase offer amount, provided that the amount will be no less than 5% and no more than 25% of the shares outstanding on the Repurchase Request Deadline (as defined in the Fund's prospectus). There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.

During the year ended September 30, 2025, the Fund completed four quarterly repurchase offers. The Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The results of the repurchase offers were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Repurchase Offer** | **Repurchase Offer** | **Repurchase Offer** | **Repurchase Offer** |
| Commencement Date | September 26, 2024 | December 26, 2024 | March 27, 2025 | June 26, 2025 |
| Repurchase Request Deadline | November 5, 2024 | February 4, 2025 | May 6, 2025 | August 5, 2025 |
| Repurchase Pricing Date | November 5, 2024 | February 4, 2025 | May 6, 2025 | August 5, 2025 |
| Net Asset Value as of Repurchase Offer Date: |  |  |  |  |
| Class A | $23.69 | $23.44 | $22.79 | $22.94 |
| Class C | $23.69 | $23.43 | $22.79 | $22.93 |
| Class F | $23.68 | $23.43 | $22.78 | $22.93 |
| Class I | $23.70 | $23.45 | $22.81 | $22.96 |
| Amount Repurchased: |  |  |  |  |
| Class A | $714414 | $2020233 | $165736 | $1579257 |
| Class C | $48406 | $117124 | $148677 | $637338 |
| Class F | $4368865 | $4581737 | $4669447 | $4156342 |
| Class I | $2883572 | $1863758 | $3797678 | $3773419 |
| Total Number of Shares Tendered: | 338369 | 365856 | 385208 | 441961 |
| Percentage of Shares Tendered that were Repurchased: | 100% | 100% | 100% | 100% |

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7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The Fund's distribution policy is to make quarterly distributions to shareholders. The Fund intends to accrue dividends daily (Saturdays, Sundays and holidays included) and to distribute as of the last business day of each quarter. Income dividends begin accruing the day after a purchase is processed by the Fund or its agents. If shares are redeemed, you will receive all dividends accrued through the day the redemption is processed by the Fund or its agents. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. This distribution policy is subject to change. Unless a shareholder elects otherwise, the shareholder's distributions will be reinvested in additional shares of the same class under the Fund's dividend reinvestment policy. Shareholders who elect not to participate in the Fund's dividend reinvestment policy will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Distributions are made at the class level, so they may vary from class to class within the Fund. For the year ended September 30, 2025, the Fund accrued dividends of $18,346,702, of which $2,574,348 was reinvested in shares.

The tax character of Fund distributions for the following years was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| 2025 | $18224116 | $– $|  |
| 2024 | 15724321 | – |  |

---

Annual Report \| September 30, 2025 27

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

As of September 30, 2025, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Appreciation<br> (excess of value<br> over tax cost)** | **Gross Depreciation<br> (excess of tax cost<br> over value)** | **Net Unrealized<br> Appreciation/ <br> (Depreciation)** | **Cost of Investments<br> for Income Tax<br> Purposes** |
| $3569296 | $(8779962) | $(5210666) | $238614171 |

---

The difference between book basis and tax basis distributable earnings/(accumulated deficit) and unrealized appreciation/(depreciation) is primarily attributable to Qualified Electing Funds.

Capital loss carryovers of $679,025 were used during the year ended September 30, 2025.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of the current fiscal year end, the fund did not have any capital loss carryforwards.

As of September 30, 2025, the components of distributable earnings/(deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed net<br> investment income** | **Accumulated net<br> realized loss on<br> investments** | **Distributions<br> Payable** | **Net unrealized<br> appreciation/<br> (depreciation) on<br> investments** | **Total** |
| $1622363 | $– $| (3606334) | $(5210666) | $(7194637) |

---

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of the tax year ended September 30, 2025, permanent differences in book and tax accounting, primarily due to non-deductible expenses, have been reclassified to paid-in capital and accumulated deficit as follows:

---

| | |
|:---|:---|
| **Accumulated Deficit** | **Paid-in Capital** |
| $11502 | $(11502) |

---

8. EARLY WITHDRAWAL CHARGE

Class A shareholders and Class C shareholders who tender for repurchase shares that have been held less than one year (365 days) from the purchase date will be subject to an early withdrawal charge of 1.00% of the original purchase price with respect to such shares. The early withdrawal change does not apply to shares that were acquired through reinvestment of distributions or in connection with the death or disability of the shareholder. The early withdrawal change is paid directly to the Fund. For the year ended September 30, 2025, the Fund did not receive any such fees.

9. RISKS AND UNCERTAINTIES

In the normal course of business, the Fund faces certain risks and uncertainties. Set forth below is a summary of certain principal risks associated with the Fund. The following is not intended to be a complete list of all the potential risks associated with the Fund. For a more comprehensive list of potential risks the Fund may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information.

**Collateralized Loan Obligation (CLO) Risk –** In addition to the general risks associated with investments in debt instruments and securities discussed herein, CLOs carry additional risks, including, but not limited to (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund's investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the CLO investment may not be fully understood at the time of investment and may produce disputes with the issuer, holders of senior tranches or other unexpected investment results.

In addition, CLOs and other structured products are often governed by a complex series of legal documents and contracts, which define the class or tranche of each investment, and may also increase the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. In a typical CLO, the capital structure would include approximately 90% debt, of which over 85% is generally investment grade, with the remainder comprising the junior most CLO securities, typically referred to as the CLO's junior debt tranche and equity tranche. The Fund may acquire CLO investments in such equity and junior debt securities, which are subordinate to more senior tranches of the CLO. Such CLO equity and junior debt securities are therefore subject to increased risk of default relative to the holders of more senior tranches of the CLO. The Fund's investment in equity tranches of CLO securities will be in the first loss position and junior debt tranches typically will be subordinate to more senior positions with respect to realized losses on the assets of the CLOs in which it is invested.

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

In connection with a primary issuance of a CLO, the structure of the CLO allows the CLO manager to purchase additional collateral (loans) for the CLO after the closing date of the Fund's investment (the "Warehouse Period"). During the Warehouse Period, the price and availability of additional collateral may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire additional collateral that will satisfy specified concentration limitations and allow the CLO to reach the initial par amount of collateral prior to its effective date. An inability or delay in reaching the target initial par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and distributions of the CLO on equity securities and could result in early redemptions which may cause CLO debt and equity investors to receive less than face value of their investment, resulting in a loss.

The failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in the CLO's payments to the Fund. In the event that a CLO fails certain tests, holders of CLO senior debt may be entitled to additional payments that would, in turn, reduce the payments the holders of the junior debt tranche and the equity tranche would otherwise be entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, in connection with a defaulting CLO or any other investment the Fund may make. If any of these occur, it could adversely affect the Fund's operating results and cash flows.

The Fund's investments in Senior Secured Loans in CLOs may be riskier and less transparent to the Sub-Advisor than direct investments in the underlying companies. The Sub-Advisor cannot be certain that due diligence investigations with respect to any investment opportunity for the Fund will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating such investment opportunity, or that its due diligence investigations will result in investments for the Fund being successful. There is limited control of the administration and amendment of Senior Secured Loans in CLOs. Senior Secured Loans in CLOs may be sold and replaced resulting in a loss to the Fund.

The Fund's CLO investments are exposed to leveraged credit risk. If certain minimum collateral value ratios and/or interest coverage ratios are not met by a CLO, primarily due to defaults under the Senior Secured Loans in which the CLO has invested, then cash flow that otherwise would have been available to pay distributions to the Fund on its CLO investments may instead be used to redeem senior tranches or to purchase additional collateral for all tranches, until the ratios again exceed the minimum required levels or any the senior tranches of CLO debt are repaid in full. The Fund's investments in CLOs or Senior Secured Loans may prepay more quickly than expected, which could have an adverse impact on the Fund's net assets and/or returns.

The Fund may recognize "phantom" taxable income (due to allocations of profits or cancellation of debt, which results in recognition of taxable income regardless of whether a corresponding amount of cash is actually received) from its investments in these subordinated tranches of CLOs and structured notes. The CLOs in which the Fund invests may constitute Passive Foreign Investment Companies ("PFICs"). If the Fund acquires shares in a PFIC (including in CLOs that are PFICs), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Certain elections may be available to mitigate or eliminate such tax on excess distributions, but such elections (if available) will generally require the Fund to recognize its share of the PFICs income for each year regardless of whether it receives any distributions from such PFICs. The Fund must nonetheless distribute such income to maintain its status as a Regulated Investment Company ("RIC").

**Market Risk –** An investment in the Fund's shares is subject to investment risk, including the possible loss of the entire principal amount invested. The value of Fund investments, like other market investments, may move up or down, sometimes rapidly and unpredictably, which will subject shareholders to risk. In addition, the Fund is subject to the risk that geopolitical and other similar events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets.

The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The foregoing could impair the Fund's ability to maintain operational standards, disrupt the operations of the Fund and its service providers, adversely affect the performance, value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the Fund. The value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

**Debt Securities and Interest Rate Risks –** Because the Fund invests primarily in debt-anchored instruments and securities, the value of your investment in the Fund may fluctuate with changes in interest rates. Typically, a rise in market interest rates will cause a decline in the value of fixed rate or other debt instruments. If market interest rates increase, there is a significant risk that the value of the Fund's investment in fixed rate debt securities may fall, and that it may be more difficult for the Fund to raise capital. Related risks include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

**Credit Risk –** It is possible that the borrowers under the Senior Secured Loans may not make scheduled interest and/or principal payments on their loans and/or debt securities, which may result in losses or reduced cash flow to the Fund, either or both of which may cause the Net Asset Value of, or the distributions by, the Fund to decrease. In addition, the credit quality of securities held by the Fund may fall if the underlying borrowers' financial condition deteriorates. This also may negatively impact the value of and the Fund's returns on its investment in such securities.

Annual Report \| September 30, 2025 29

Bluerock High Income Institutional Credit Fund Notes to Financial Statements

September 30, 2025

**Prepayment Risk –** Debt securities may be subject to prepayment risk because borrowers are typically able to repay their debt obligations prior to maturity principal. Consequently, a debt security's maturity may be longer or shorter than anticipated. When interest rates fall, debt obligations tend to be refinanced or otherwise paid off more quickly than originally anticipated. If that occurs with respect to the Fund's investments, the Fund may have to invest the prepaid proceeds in securities with lower yields. When interest rates rise, obligations will tend to be paid off by the obligor more slowly than anticipated, preventing the Fund from reinvesting at higher comparable or yields. For certain investments, lower-than-expected prepayment rates may expose investments in the junior tranches of CLOs to credit risks for longer periods of time.

**SOFR Risk –** The Fund invests in Target Securities that may have floating or variable rate calculations for payment obligations or financing terms based on the Secured Overnight Financing Rate ("SOFR"). SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume- weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate ("LIBOR"). LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three- month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Below Investment Grade Risk –** Lower-quality debt investments, known as "below investment grade" or "junk", are speculative and present greater risk than investments of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these investments and reduce the Fund's ability to sell its investments. Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of creditor claims and may eliminate or materially reduce liquidity. The Sub-Advisor's assessment of an issuer's credit quality may prove incorrect and the Fund could suffer losses.

**Liquidity Risk –** Underlying Investments – The Fund's investments, such as in Target Securities, are subject to liquidity risk. This liquidity risk exists because particular investments of the Fund may be difficult to sell, possibly preventing the Fund from selling them at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices, in order to satisfy its 5% quarterly repurchase obligations.

**Leveraging Risk** – The Fund is authorized to use leverage for investment purposes and to satisfy redemption requests. The use of leverage will cause the Fund to incur additional expenses and may significantly magnify the Fund's losses in the event of adverse performance of the Fund's underlying investments.

10. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to understand better the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with respect to the financial statements and disclosures, and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision-maker, using information presented in the financial statements and financial highlights.

11. SUBSEQUENT EVENTS

As outlined in the Fund's Quarterly Repurchase Offer Notice dated September 25, 2025, the Fund offered to repurchase up to 5% of its outstanding shares (the "Repurchase Offer") at the net asset value of such shares on November 4, 2025 (the "Repurchase Date"). The repurchase requests received by the Fund by the Repurchase Date exceeded the number of shares of the Fund subject to the Repurchase Offer and as such, the Fund determined to repurchase shares on a pro rata basis. Accordingly, the Fund repurchased approximately 47.4% of the total number of shares tendered for repurchase which resulted in 415,378 repurchased shares for $9,532,428.

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Except as stated above, management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Bluerock High Income Institutional Credit Fund Report of Independent Registered<br> Public Accounting Firm

September 30, 2025

To the Shareholders and Board of Trustees of<br> Bluerock High Income Institutional Credit Fund

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Bluerock High Income Institutional Credit Fund (the "Fund") as of September 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations and cash flows for the year then ended, the changes in net assets and financial highlights for each of the years in the two year period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended September 30, 2023, and prior, were audited by other auditors whose report dated November 29, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2024.

![](fp0096374-1_11.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania<br> November 28, 2025

Annual Report \| September 30, 2025 31

Bluerock High Income Institutional Credit Fund Additional Information

September 30, 2025 (Unaudited)

**PROXY VOTING POLICIES AND VOTING RECORD**

A description of the policies and procedures that the Fund uses to vote proxies relating to its portfolio securities is available without charge upon request by calling toll-free 1-844-819-8287 or on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to underlying portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 1-844-819-8287, or on the SEC's website at https://www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files a monthly portfolio investments report with the SEC on Form N-PORT within 60 days after the end of the first and third quarters of each fiscal year. The filings are available upon request by calling 1-844-819-8287. Furthermore, you may obtain a copy of the filings on the SEC's website at https://www.sec.gov.

Bluerock High Income Institutional Credit Fund Supplemental Information

September 30, 2025 (Unaudited)

The following is a list of the Trustees and executive officers of the Trust and each person's principal occupation over the last five years.

**Independent Trustees**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth** | **Position/**<br> **Term of Office\*** | **Principal Occupation During the Past Five Years** | **Number of Portfolios in Fund Complex\*\* Overseen by Trustee** | **Other Directorships Held By Trustee During Last Five Years** |
| Bobby Majumder,<br> 1968 | Trustee Since March, 2022 | Partner, Frost Brown Todd, LLP (2021 to present), Partner, Reed Smith LLP (May 2019- 2021). | 2 | Bluerock Residential Growth REIT, Inc. (2009 – 2022); Bluerock Total Income+ Real Estate Fund (2012 – Present); Bluerock Homes Trust, Inc. (2021 - Present). |
| Sori Farsheed, <br> 1956 | Trustee Since May, 2022 | Managing Director, Head of Distribution, iCap Equity (financial services company) (June 2022 - May 2023); Executive Director of Strategic Partnerships, Institute for Portfolio Alternatives (financial services company) (January 2020 – November 2020). | 1 | n/a |
| Kamal Jafarnia,<br> 1966 | Trustee Since March, 2022 | General Counsel for Opto Investments, Inc. (fintech and investment management firm) (2021-present); General Counsel and CCO for Artivest Holdings and Altegris Investment Management (fintech enablement platform) (2018- 2021). | 2 | Ashford Hospitality Trust, Inc. (2013 - Present); Bluerock Residential Growth REIT, Inc. (2019 – 2022); Bluerock Total Income+ Real Estate Fund (2021 – Present); Bluerock Homes Trust, Inc. (2021 - Present) |
| Romano Tio, <br> 1960 | Trustee Since March, 2022 | Senior Managing Director, Greystone (real estate lending, investment and advisory company) (2021 – present); Senior Managing Director, Ackman◻Ziff Real Estate Capital Advisors (2017 – 2021). | 2 | Bluerock Residential Growth REIT, Inc. (2009 – 2022); Bluerock Total Income+ Real Estate Fund (2012 – Present); Bluerock Homes Trust, Inc. (2021 - Present) |

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**Interested Trustees and Officers**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth** | **Position/**<br> **Term of Office\*** | **Principal Occupation During the Past Five Years** | **Number of Portfolios in Fund Complex\*\* Overseen by Trustee** | **Other Directorships Held By Trustee During Last 5 Years** |
| Ramin Kamfar,<br> 1963 | Trustee Since August, 2021 | Chairman, Bluerock Real Estate, LLC (2002 – Present); Chairman, Bluerock Fund Advisor, LLC (2012 – Present), Bluerock Asset Management, LLC (2018-present) and Bluerock Credit Fund Advisor, LLC (2018 – Present). | 2 | Bluerock Residential Growth REIT (2008 – 2022); Bluerock Total Income+ Real Estate Fund (2012 – Present); Bluerock Homes Trust, Inc. (2021 - Present). |
| Gibran Mahmud, 1975 | Trustee Since March, 2022 | Chief Executive Officer and Chief Investment Officer, Clearlake Asset Management, LLC (2013 – Present). | 1 | n/a |

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Annual Report \| September 30, 2025 33

Bluerock High Income Institutional Credit Fund Supplemental Information

September 30, 2025 (Unaudited)

**Interested Trustees and Officers (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth** | **Position/**<br> **Term of Office\*** | **Principal Occupation During the Past Five Years** | **Number of Portfolios in Fund Complex Overseen**<br> **by Trustee** | **Other Directorships held by Trustee During Last 5 Years** |
| Simon Adamiyatt, <br> 1962 | Treasurer Since December, 2021 | Executive Director, Bluerock Real Estate, LLC (2018 –Present). | 1 | Bluerock Total Income+ Real Estate Fund (2019 - Present). |
| Jordan Ruddy, <br> 1963 | President Since December, 2021 | Chief Operating Officer, Bluerock Real Estate, LLC (2002 – Present); President, Bluerock Fund Advisor, LLC (2013 – Present); President, Bluerock Asset Management, LLC (2018-present); President, Bluerock Credit Fund Advisor, LLC (2018-Present). | n/a | n/a |
| Jason Emala, <br> 1978 | Secretary Since December, 2021 | General Counsel/Chief Legal Officer of the Advisor and various Bluerock entities (2018 – Present). | n/a | n/a |
| Lucas Foss, <br> 1977 | Chief Compliance Officer Since March, 2022 | Vice President and Deputy Chief Compliance Officer, ALPS (November 2017◻ present); CCO of X◻Square Balanced Fund, Goehring & Rozencwajg Investment Funds, Broadstone Real Estate Access Fund, Inc., Clough Global Funds; Clough Funds Trust; SPDR® S&P 500® ETF Trust, SPDR® Dow Jones® Industrial Average ETF Trust, SPDR® S&P MIDCAP 400® ETF Trust, ALPS Series Trust, 1WS Credit Income Fund and Bluerock Total Income + Real Estate Fund. | n/a | n/a |

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*\** *The term of office for each Trustee and officer listed above will continue indefinitely. The Fund's Statement of Additional Information includes additional information about the Trustees and is available upon request, free of charge, by calling toll-free 1-844-819-8287.*

*\*\** *The Fund Complex currently includes the Trust and the Bluerock Total Income+ Real Estate Fund.*

Bluerock High Income Institutional Credit Fund Privacy Policy

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Social Security number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Retirement Assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Transaction History&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Checking Account Information ● Purchase History ● Account Balances ● Account Transactions ● Wire Transfer Instructions

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| | | | |
|:---|:---|:---|:---|
| **Reasons we can share your personal information** | **Reasons we can share your personal information** | **Does Bluerock High Income<br> Institutional Credit Fund share?** | **Can you limit this sharing?** |
| **For our everyday business purposes –** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | **For our everyday business purposes –** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –** to offer our products and services to you | **For our marketing purposes –** to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –** information about your transactions and experiences | **For our affiliates' everyday business purposes –** information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes** – information about your creditworthiness | **For our affiliates' everyday business purposes** – information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | No | We don't share |
| **Questions?** | Call 1-844-819-8287 | Call 1-844-819-8287 | Call 1-844-819-8287 |

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Annual Report \| September 30, 2025 35

Bluerock High Income Institutional Credit Fund Privacy Policy

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Who We Are** | **Who We Are** |
| **Who is providing this notice?** | Bluerock High Income Institutional Credit Fund |
| **What We Do** | **What We Do** |
| **How does Bluerock High Income Institutional Credit Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.<br>|
| **How does Bluerock High Income Institutional Credit Fund collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open an account<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Provide account information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Give us your contact information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Make deposits or withdrawals from your account<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Make a wire transfer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tell us where to send the money<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tells us who receives the money<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Show your government-issued ID<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Show your driver's license<br>We also collect your personal information from other companies.  |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Affiliates from using your information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing.  |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Bluerock High Income Institutional Credit Fund does not share with our affiliates*.<br>|
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Bluerock High Income Institutional Credit Fund does not share with nonaffiliates so they can market to you.*<br>|
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Bluerock High Income Institutional Credit Fund doesn't jointly market*.<br>|

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Page Intentionally Left Blank

**Investment Adviser** <br> Bluerock Fund Advisor, LLC<br> 919 Third Avenue, 40th Floor<br> New York, NY 10022

**Distributor**

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

1835 Market Street, Suite 310

Philadelphia, PA 19103

**How to Obtain Proxy Voting Information**

Information regarding how the Fund votes proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-844-819-8287 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings**

The Fund files a monthly portfolio investments report with the SEC on Form N-PORT within 60 days after the end of the first and third quarters of each fiscal year. The filings are available upon request by calling 844-819-8287. Furthermore, you may obtain a copy of the filings on the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant
has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this item, "code of ethics" means
written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified
in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, there were no amendments
to the Fund's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers: During the period covered by the report, the registrant
has not granted any express or implicit waivers from the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The registrant's code of ethics referred to in Item 2(a) above is attached as an Exhibit 19(a)(1),
hereto.

**Item 3. Audit Committee Financial Expert.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's board of trustees have determined that the registrant has at least one audit committee
financial expert serving on its audit committee. The registrant's board of trustees have determined that Kamal Jafarnia is an audit
committee financial expert. Mr. Jafarnia is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Audit Fees</u>** 

September 30, 2025 – $87,500

September 30, 2024 – $100,000

Audit fees represent the aggregate fees billed for the fiscal years ended September 30, 2025 and September 30, 2024 for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Audit-Related Fees</u>** 

September 30, 2025 – $0

September 30, 2024 – $0

The registrant was not billed for any fees for the fiscal years ended September 30, 2025 and September 30, 2024 for assurance and related services that were reasonably related to the performance of the audit of the registrant's financial statement and not otherwise included under "Audit Fees" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Tax Fees</u>** 

September 30, 2025 – $8,000

September 30, 2024 – $8,000

"Tax fees" shown above were for the preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>All Other Fees</u>** 

September 30, 2025 – $0

September 30, 2024 – $10,000

The registrant was not billed any fees for products and services not otherwise included in items (a) - (c) shown above for the fiscal year ended September 30, 2025. The fees for the fiscal year ended September 30, 2024 were for transition of workpapers from prior auditor to successor auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)  **<u>Audit Committee's Pre-Approval Policies and Procedures</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</u>** 

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| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit Related | 0% | 0% |
| Tax Fees | 0% | 0% |
| Other Fees | N/A | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant:

September 30, 2025 – $0

September 30, 2024 – $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision
of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to registrant.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The schedule of investments is included as part of the Reports to Stockholders filed under Item 1(a) of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to registrant.

 **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

Not applicable to registrant.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable during the period covered by this report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

See attached Appendix A for the Advisor's proxy voting policies and Appendix B for the Sub-Advisor's proxy voting policies and procedures.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) Portfolio Managers

<u>Portfolio Managers</u>

The following are the portfolio managers as of the date of the filing of this report:

**Gibran Mahmud**, Mr. Mahmud serves as Chief Executive Officer and Chief Investment Officer at the Sub-Advisor. Prior to joining the Sub-Advisor, Mr. Mahmud was a Senior Vice President and Head of Mergers, Acquisitions and Business Strategy for a private family office. Previously Mr. Mahmud served as Senior Portfolio Manager and Head of Structured Products at Highland Capital Management, L.P. While at Highland Capital Management, L.P., he served as the Head of the Structured Product Credit Committee and the Senior Structured Products Trader. Mr. Mahmud structured, marketed, negotiated, managed and monitored over 30 collateralized debt obligations ("CDO") totaling over $28 billion backed by a variety of asset types. Mr. Mahmud managed a team of professionals that was responsible for the day to day management of all CDOs including portfolio management, asset surveillance, cash management, portfolio structuring, monthly trustee reporting, and quarterly waterfall and cashflow calculations. He also marketed related CDO investment strategies globally to pension funds, endowments, hedge funds, insurance companies and money managers. Additionally, Mr. Mahmud managed and invested a portfolio of over $6 billion of structured credit paper that was primarily backed by senior secured bank loan collateral and traded over $10 billion of structured credit paper overall during his time at Highland Capital Management, L.P. Prior to joining Highland Capital Management, L.P., he served as a Senior Analyst at Fleet Capital where he was involved in originating, structuring, modeling and credit analysis for clients primarily in the manufacturing, retail and services industries. Formerly, he was a Senior Auditor at Arthur Andersen LLP. Mr. Mahmud received a Master of Business Administration in Finance and a Bachelor of Business Administration in Accounting from Baylor University. He is a Certified Public Accountant.

**Philip Braner**, Mr. Braner serves as Chief Operating Officer at the Sub-Advisor and has extensive experience in the structured product and capital markets. Prior to joining the Sub-Advisor, he was a Managing Director in the structured products group with Highland Capital Management, L.P. and was responsible for structuring, marketing and business development of its structured products business and foreign funds effort with a focus on emerging markets, primarily Latin America. During his time at Highland Capital Management, L.P., he was COO of the Structured Products Group, as well as head of the Deal Team within Highland Capital Management, L.P.'s Structured Products Group, and was responsible for the origination of structured finance transactions and separate investment accounts. Mr. Braner has structured over 30 CDOs and separate accounts totaling over $25 billion, including U.S. and Euro cash CLOs, CDO Squareds, middle market CLOs, real estate CDOs and a Brazilian securitization. Previously, Mr. Braner served as a Senior Accountant at KPMG in Dallas, Texas serving clients primarily in the Telecommunications industry. Mr. Braner received both a master's in accountancy and a BBA from Baylor University. Mr. Braner is a licensed Certified Public Accountant.

**Neil Desai**, Mr. Desai is a Managing Director at the Sub-Advisor. He is responsible for the Sub-Advisor's CLO investment business and also facilitating in the structuring, syndication and strategic planning of the Trinitas Capital Management, LLC new issue CLO platform. Prior to joining the Sub-Advisor, Mr. Desai was a Managing Director at Highland Capital Management, L.P. where he oversaw credit trading and managed approximately $2 billion of CLO investments across Highland Capital Management, L.P.'s hedge funds, UCITS funds, mutual funds, and separate accounts; and traded over $10 billion of CLO tranche volume during his tenure. Previously, Mr. Desai built and ran the structured credit business for Pfizer Inc.'s Treasury organization and prior to that spent several years in various structuring and trading roles at Credit Suisse and Barclays Capital. Mr. Desai received both a Bachelor's and Master's degree in Computer Science and Electrical Engineering from Massachusetts Institute of Technology.

(a)(2)

<u>Portfolio Managers</u>

As of September 30, 2025, the Portfolio Managers listed above are also responsible for the day-to-day management of the following types of accounts in addition to the Fund:

**Gibran Mahmud**

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| | | | | |
|:---|:---|:---|:---|:---|
| Other Accounts by Type | Total Number of Accounts by Account Type | Total Assets by Account Type | Number of Accounts by Type Subject to a Performance Fee | Total Assets by Account Type Subject to a Performance Fee |
| Registered Investment Companies | 1 | $185000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 54 | $20300000000 | 54 | $20300000000 |
| Other Accounts | 3 | $91200000 | 2 | $47600000 |

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**Philip Braner**

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| | | | | |
|:---|:---|:---|:---|:---|
| Other Accounts by Type | Total Number of Accounts by Account Type | Total Assets by Account Type | Number of Accounts by Type Subject to a Performance Fee | Total Assets by Account Type Subject to a Performance Fee |
| Registered Investment Companies | 1 | $185000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $12600000 | 1 | $12600000 |
| Other Accounts | 3 | $91200000 | 2 | $47600000 |

---

**Neil Desai**

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| | | | | |
|:---|:---|:---|:---|:---|
| Other Accounts by Type | Total Number of Accounts by Account Type | Total Assets by Account Type | Number of Accounts by Type Subject to a Performance Fee | Total Assets by Account Type Subject to a Performance Fee |
| Registered Investment Companies | 1 | $185000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $12600000 | 1 | $12600000 |
| Other Accounts | 3 | $91200000 | 2 | $47600000 |

---

Because the Portfolio Managers may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively "Client Accounts"), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Advisor may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Advisor has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

(a)(3)

Each Portfolio Manager has direct equity ownership interests in the Sub-Advisor and related long-term incentives. Each Portfolio Manager also receives a fixed base salary.

(a)(4)

As of September 30, 2025, the Portfolio Managers' ownership of the Fund was as follows:

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| | |
|:---|:---|
| **Portfolio Managers** | **Dollar Range of Shares Owned** |
| Gibran Mahmud | $100001-$500000 |
| Philip Braner | $10001-$50000 |
| Neil Desai |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

None.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this Form N-CSR, the principal executive officer and principal financial
officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed to ensure
that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported within 90 days of the filing
date, including that information required to be disclosed is accumulated and communicated to the registrant's management, including
the registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding
required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19**. **Exhibits.**

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| | |
|:---|:---|
| (a)(1) | [Registrant's Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto as Exhibit 13(a)(1) EX99.Code of Ethics.](fp0096374-1_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached hereto as EX99.Cert.](fp0096374-1_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX99.906Cert.](fp0096374-1_ex99906cert.htm) |

---

**APPENDIX A**

**BLUEROCK CREDIT FUND ADVISOR, LLC**

 **PROXY VOTING POLICIES AND PROCEDURES** 

Proxy Voting Policy

Background: Pursuant to Rule 206(4)-6 and Rule 204-2 under the Advisers Act, it is a fraudulent, deceptive, or manipulative act, practice or course of business, within the meaning of Section 206(4) of the Advisers Act, for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

Policy: The Advisor will vote proxies on behalf of its individual clients. In order to fulfill its responsibilities under the Advisers Act, the Advisor has adopted the following policies and procedures for proxy voting with regard to companies in the investment portfolio of the Fund(s).

Voting Proxies

1. All
 proxies sent to clients that are actually received by the Advisor (to vote on behalf
 of the client) will be provided to the Operations Unit.

2. The
 Operations Unit will generally adhere to the following procedures (subject to limited
 exception):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 written record of each proxy received by the Advisor (on behalf of its clients) will
 be kept in the Advisor's files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Operations Unit will determine which of the Advisor holds the security to which the proxy
 relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to voting any proxies, the Operations Unit will determine if there are any conflicts
 of interest related to the proxy in question in accordance with the general guidelines
 set forth below. If a conflict is identified, the Operations Unit will then make a determination
 (which may be in consultation with outside legal counsel) as to whether the conflict
 is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 no material conflict is identified pursuant to these procedures, the Operations Unit
 will vote the proxy in accordance with the guidelines set forth below. The Operations
 Unit will deliver the proxy in accordance with instructions related to such proxy in
 a timely and appropriate manner

Conflicts of Interest

1. As
 stated above, in evaluating how to vote a proxy, the Operations Unit will first determine
 whether there is a conflict of interest related to the proxy in question between Advisor
 and its Advisory Clients. This examination will include (but will not be limited to)
 an evaluation of whether the Advisor (or any affiliate of the Advisor) has any relationship
 with the company (or an affiliate of the company) to which the proxy relates outside
 of an investment in such company by a client of the Advisor.

---

| | |
|:---|:---|
| 2 | If a conflict is identified and deemed "material" by the Operations Unit, the Advisor will determine whether voting in accordance with the proxy voting guidelines outlined below is in the best interests of the client (which may include utilizing an independent third party to vote such proxies). |

---

---

| | |
|:---|:---|
| 3 | With respect to material conflicts, the Advisor will determine whether it is appropriate to disclose the conflict to affected clients give such clients the opportunity to vote the proxies in question themselves. However, with respect to ERISA clients whose advisory contract reserves the right to vote proxies when the Advisor has determined that a material conflict exists that affects its best judgment as a fiduciary to the ERISA client, the Advisor will: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Give
the ERISA client the opportunity to vote the proxies in question themselves; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Follow
 designated special proxy voting procedures related to voting proxies pursuant to the
 terms of the investment management agreement with such ERISA clients (if any).

Proxy Voting Guidelines

1. The
 Advisor, when acting on behalf of the Fund, must comply with the following voting restrictions
 unless it is determined that the Fund is not relying on Section 12(d)(1)(F) and or Rule
 12d1-3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. when
 the Fund exercises voting rights, by proxy or otherwise, with respect to any investment
 company owned by the Fund, the Fund will either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. seek
 instruction from the Fund's shareholders with regard to the voting of all proxies
 and vote in accordance with such instructions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. vote
 the shares held by the Fund in the same proportion as the vote of all other holders of
 such security.

Disclosure of Procedures

A summary of above these proxy voting procedures will be included in Part 2 of the Advisor's Form ADV (if applicable) and a Fund client's statement of additional information, as applicable, and will be updated whenever these policies and procedures are updated. Clients will be provided with contact information as to how they can obtain information about:

(a) the Advisor's proxy voting procedures (i.e., a copy of these procedures); and (b) how the Advisor voted proxies that are relevant to the affected client. Form N-PX will be filed with the SEC annually for each Fund client.

Record-keeping Requirements

The Operations Unit will be responsible for maintaining files relating to the Advisor's proxy voting procedures. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of the Advisor. Records of the following will be included in the files:

1. Copies
of these proxy voting policies and procedures, and any amendments thereto;

2. A
 copy of each proxy statement that the Advisor actually received; provided, however, that
 the Advisor may rely on obtaining a copy of proxy statements from the SEC's EDGAR
 system for those proxy statements that are so available;

3. A
record of each vote that the Advisor casts;

4. A
 copy of any document that the Advisor created that was material to making a decision
 how to vote the proxies, or memorializes that decision (if any); and

5. A
 copy of each written request for information on how the Advisor voted such client's
 proxies and a copy of any written response to any request for information on how the
 Advisor voted proxies on behalf of clients.

**APPENDIX B** 

**WHITESTAR<br> PROXY VOTING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u> 

Rule 206(4)-6 of the Advisers Act requires an adviser that exercises voting authority over Client proxies to vote proxies in the best interests of its Clients. In furtherance of such objective, the Company has established policies and procedures to address voting procedures and any conflicts of interests involved in a proxy vote between the Company and a Client. Additionally, the Company will maintain certain records required to be maintained by Rule 206(4)-6 relating to all voted proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Determination of Vote</u> 

The Company's proxy voting procedures are designed to ensure that proxies are voted in a manner that is in the best interest of the Client.

The majority of proxy-related issues generally fall within the following five categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• takeover defenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• social responsibility

The Company will generally vote in favor of matters that follow an agreeable corporate strategic direction, support an ownership structure that enhances shareholder value without diluting management's accountability to shareholders and/or present compensation plans that are commensurate with enhanced manager performance and market practices.

While proxy voting on all issues presented should be considered, voting on all issues is not required. Some issues presented for a proxy vote of security holders are not deemed relevant to the Company's voting objective, or it is not reasonably possible to ascertain what effect, if any, a vote on a given issue may have on a Client's investment. Additionally, the Company may decide that avoiding further expense and investigation and not voting at all on a presented proposal may be in the best interest of a Client. Accordingly, the Company may abstain from voting in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conflicts of Interest</u> 

Conflicts of interest involved in a proxy vote shall be addressed though the following three-step process:

**Identification of all potential conflicts of interest**

Examples of potential conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;· The Company or an affiliate manages a pension plan, administers Employee benefit plans, or provides brokerage,
underwriting, insurance, or banking services to a Company whose management is soliciting proxies;

&nbsp;&nbsp;&nbsp;&nbsp;· The Company or an affiliate has a substantial business relationship (separate from the Company's
investment strategy) with a portfolio company or a proponent of a proxy proposal and this business relationship may influence how the
proxy vote is cast;

&nbsp;&nbsp;&nbsp;&nbsp;· The Company or an affiliate has a business relationship (separate from the Company's investment
strategy) or personal relationship with participants in a proxy contest, corporate directors or candidates for directorships; or

&nbsp;&nbsp;&nbsp;&nbsp;· An officer or Employee of the Company or an affiliate may have a familial relationship to a portfolio
company (e.g. a spouse or other relative who serves as a director of a public company).

**Determination of material conflicts**

The SEC has not provided any specific guidance as to how an investment adviser should analyze or determine whether a conflict is "material" for purposes of proxy voting. Thus, traditional analysis of questions of materiality under the federal securities laws should be used.

**Establishment of procedures to address material conflicts**

If a material conflict of interest with respect to a particular vote is encountered, contact the CCO to determine how to vote the proxy consistent with the best interests of a Client and in a manner not affected by any conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Recordkeeping</u> 

Pursuant to Rule 204-2, the Company shall retain the following five types of records relating to proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;· Proxy voting policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;· Proxy statements received for Client securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Records of votes cast on behalf of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Written Client requests for proxy voting information and written adviser responses to any Client request
(whether oral or written) for proxy voting information; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any documents prepared by the Company that were material to making a proxy voting decision or that memorialized
the basis for the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Policy Statement and Requests</u> 

The Advisers Act requires that the Company must inform Client on how they can obtain information about how the Company has voted Client proxies and Client may obtain a copy of the Company's proxy voting policy upon request. Questions related to this Policy, the proxy voting process and/or information regarding how the Company voted proxies relating to the Client's portfolio securities may be obtained by Clients, free of charge, by contacting the CCO at (214) 420-4418 or via email at MMurray@whitestaram.com.

With respect to the Fund, the COO or appointed designee will periodically provide the Fund's investment adviser, a certification of compliance and completion in connection with the proxies voted on behalf of the Fund.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Bluerock High Income Institutional Credit Fund</u>

---

| | |
|:---|:---|
| By: | /s/ Jordan B. Ruddy |
|  | Jordan B. Ruddy |
|  | President and Principal Executive Officer |
| Date: | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jordan B. Ruddy |
|  | Jordan B. Ruddy |
|  | President and Principal Executive Officer |
| Date: | December 5, 2025 |
| By: | /s/ Simon Adamiyatt |
|  | Simon Adamiyatt |
|  | Treasurer and Principal Financial Officer |
| Date: | December 5, 2025 |

---

## Ex-99.Code

**BLUEROCK TOTAL INCOME + REAL ESTATE FUND and** 

BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the each Trust has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the Trust's senior officers to provide full, fair, timely, and comprehensible disclosure, financial and otherwise, to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly, and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules, and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered

Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely, and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over and shall assist Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six years from the date such action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

## Ex-99.Cert

**EX. 99.Cert**

I, Jordan Ruddy, President of the Bluerock High Income Institutional Credit Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Bluerock High
Income Institutional Credit Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jordan B. Ruddy |
|  | Jordan B. Ruddy |
|  | President and Principal Executive Officer |
| Date: | December 5, 2025 |

---

I, Simon Adamiyatt, Treasurer of the Bluerock High Income Institutional Credit Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Bluerock High Income Institutional Credit Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Simon Adamiyatt |
|  | Simon Adamiyatt |
|  | Treasurer and Principal Financial Officer |
| Date: | December 5, 2025 |

---

## Exhibit 99.906

**EX-99.906**

**CERTIFICATION**

Jordan Ruddy, President and Principal Executive Officer, and Simon Adamiyatt, Treasurer and Principal Financial Officer of Bluerock High Income Institutional Credit Fund (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President (Principal Executive Officer) | Treasurer (Principal Financial Officer) |
| Bluerock High Income Institutional Credit Fund | Bluerock High Income Institutional Credit Fund |
| /s/ Jordan Ruddy | /s/ Simon Adamiyatt |
| Jordan Ruddy,<br> President and Principal Executive Officer | Simon Adamiyatt,<br> Treasurer and Principal Financial Officer |
| December 5, 2025 | December 5, 2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.