0001398344-12-002484 Sample Contracts

MANAGEMENT AGREEMENT
Management Agreement • August 7th, 2012 • Wakefield Alternative Series Trust • Ohio

The Trust has been organized to engage in the business of an open-end management investment company. The Trust currently offers a single series of shares to investors and may offer additional series.

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WAKEFIELD ALTERNATIVE SERIES TRUST SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • August 7th, 2012 • Wakefield Alternative Series Trust • New York

SUB-ADVISORY AGREEMENT, dated as of May 31, 2012, between Wakefield Advisors, LLC (the "Adviser"), and Logan Circle Partners, L.P. (the "Sub-Adviser").

MANAGEMENT AGREEMENT
Management Agreement • August 7th, 2012 • Wakefield Alternative Series Trust • Delaware

The Company has been incorporated as an exempted company with limited liability in the Cayman Islands to engage in business as an open-end management investment company. The Company currently has one series of participating shares, which are offered solely to the Wakefield Managed Futures Strategy Fund, a series of Wakefield Alternative Series Trust.

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