0001752724-22-279766.txt : 20221214 0001752724-22-279766.hdr.sgml : 20221214 20221214140144 ACCESSION NUMBER: 0001752724-22-279766 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221214 DATE AS OF CHANGE: 20221214 EFFECTIVENESS DATE: 20221214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bluerock High Income Institutional Credit Fund CENTRAL INDEX KEY: 0001892443 IRS NUMBER: 872335042 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23772 FILM NUMBER: 221461759 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 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001892443 XXXXXXXX 811-23772 N-2 BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND 811-23772 0001892443 549300NUPYRXGQG2GP38 1345 Avenue of the Americas 32nd Fl NEW YORK 10105 US-NY US 212-843-1601 ALPS Fund Services, Inc 1290 Broadway, Suite 1000 Denver 80203 855-298-4236 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder Bluerock Credit Fund Advisor, LLC 1345 Avenue of the Americas, 32 Fl New York 10105 212-843-1601 Other required books and records UMB Bank, NA 1010 Grand Blvd. Kansas City 64106 816-860-7930 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder Y N N N-2 Y Kamal Jafarnia 002890436 N Romano Tio N/A N Boby Majumber N/A N Ramin Kamfar 001893262 Y Sori Farsheed 001364992 N Gibran Mahmud N/A N Lucas D. Foss 004535883 1290 Broadway Denver 80203 XXXXXX N N N N N N ALPS Distributors, Inc. 8-34626 N/A N/A N N BDO USA, LLC 243 N/A N Y N N N N N BLUEROCK HIGH INCOME INSTITUTIONAL CREDIT FUND 549300NUPYRXGQG2GP38 Y 4 Interval Fund Y N N N N/A N/A N/A N/A Y Y Y N Bluerock Credit Fund Advisor, LLC 801-112392 000291770 N/A 2022-06-21 Whitestar Asset Management 801-78493 000167408 N/A N DST Systems, Inc. 84-00448 N/A N N N SitusAMC N/A N ICE Data Services 5493000NQ9LYLDBCTL34 ICE Data Pricing & Reference Data, LLC N N UMB FINANCIAL CORPORATION 549300MGEH3N3CUCV828 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N DST Systems, Inc. N/A N N N ALPS FUND SERVICES, INC. N/A N N N Bluerock Capital Markets 008-67058 000136974 N/A 0 0 CREDIT SUISSE SECURITIES (USA) LLC 8-422 000000816 1V8Y6QCX6YMJ2OELII46 2250000 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 194400 NOMURA SECURITIES INTERNATIONAL, INC. 8-15255 000004297 OXTKY6Q8X53C9ILVV871 2467500 4911900 Y 83278189 Common stock Class C Common stock Class A Common stock Class F Common stock Class I N N Common stock N N N 1.75 0 26.64 25.11 false false true false false false false false false false false INTERNAL CONTROL RPT 2 fp0081187-1_g1aiii.htm INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees of

Bluerock High Income Institutional Credit Fund

New York, New York

In planning and performing our audit of the financial statements of Bluerock High Income Institutional Credit Fund (the “Fund”) as of and for the period from June 21, 2022 (commencement of operations) to September 30, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed 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 (“GAAP”). A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted the deficiency described below in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of September 30, 2022. This material weakness was considered in determining nature, timing, and extent of audit tests applied in our audit of the financial statements of the Fund as of and for the period from June 21, 2022 (commencement of operations) to September 30, 2022, and this does not affect our report, dated November 29, 2022, on those financial statements and financial highlights where interest income is properly stated.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

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A material weakness was identified relating to the design of the Fund’s internal controls over financial reporting for the proper determination of interest income from CLO equity investments on the effective yield method in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. Management has remedied this material weakness by adjusting its controls to ensure the determination of interest income from CLO equity investments is being performed utilizing the effective yield method.

This report is intended solely for the information and use of management and the Board of Trustees of Bluerock High Income Institutional Credit Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BDO USA, LLP
New York, New York
November 29, 2022

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