SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR

SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR

XXXXXXXXX MANAGED FUTURES STRATEGY FUND

LETTER OF INVESTMENT INTENT

May 4, 2012

To the Board of Trustees of Wakefield Alternative Series Trust:

Effective as of the date first written above, the undersigned (the "Purchaser") subscribes to purchase a beneficial interest ("Interest") in the Wakefield Managed Futures Strategy Fund, in the amount of $100,000.00 for 10,000 shares at net asset value of $10.00 per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of $100,000.00.

The Purchaser agrees that each Interest is being purchased for investment purposes only and with no present intention of reselling or redeeming said Interest.

Wakefield Advisors, LLC

/s/ Xxxxxxx X. Xxxx XXX

By: Xxxxxxx X. Xxxx XXX, Managing Member