Fee Waiver Letter Agreement

Fee Waiver Letter Agreement

To: Total Income+ Real Estate Fund

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Hauppauge, NY 11788

Dear Board Members:

You have engaged us to act as the investment adviser to the Total Income+ Real Estate Fund pursuant to an Investment Advisory Agreement, which is subject to the approval of the respective shareholders of each respective portfolio.

Effective from May 28, 2017 until May 31, 2018 we agreed to waive management fees and/or reimburse the Fund for 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 taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational and offering costs) at 2.16% for Class L shares.

For a period from May 28, 2017 until May 31, 2018, we agree to waive management fees and/or reimburse the Fund an additional 0.02% for expenses incurred, as described above, capping the Fund’s total annual operating expenses after fee waivers and/or reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational and offering costs) at 2.14% for Class L shares.

For the avoidance of doubt, we acknowledge that these waived fees are not subject to recovery or reimbursement regardless of the operation of any expense limitation agreement or similar agreement with respect to the Fund.

Very truly yours,

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Chief Legal Officer

Bluerock Fund Advisors, LLC