EFTA01205203.pdf

BOOTHBAY B FUND MANAGEMENT, LLC July 31, 2015 Dear Investor, For the second quarter of 2015, Boothbay Absolute Return Strategies, LP (the "Fund") posted net returns of +2.28%1 versus -0.77% for the HFR Global Hedge Fund Index, -0.82% for the Market Neutral Index, and -0.20% for the S&P 500. For the year the Fund is up 6.28% versus +1.27% for the HFR Global Hedge Fund Index, +0.84% for the Market Neutral Index, and +0.20% for the S&P 500. We are happy to have meaningfully increased our risk exposure during the quarter while still achieving a 3.5 Sharpe ratio and 16 Calmar for the quarter (calculated from daily gross returns and not including First Loss accounts). This quarter's performance now brings 8 months of consecutive positive months. We continue to concentrate on generating absolute returns regardless of market direction. The Fund is not market- neutral, but we monitor and maintain a low enough Beta to most risk factors so that our average Alpha generation should overcome any losses created by these factors if they move against us. We do expect to have down months, but believe our skills in portfolio construction and risk management will limit drawdown size and frequency. Our goal is absolute performance. Fundamental Long/Short Equity was again the biggest contributor to returns and was up every month of the quarter. However, a different sector led performance each month: 'Other' in April, Fundamental Equity in May, and Quant Futures/FX, just narrowly edging out Quant Equities, in June. Overall, 60% of managers were profitable for the quarter. For second quarter returns in aggregate, Fundamental Long/Short Equity contributed 59%, Quant Equities 2%, Quant Futures/FX and Other 12%, and First Loss contributed 27%. At quarter-end, the Multi-Strategy platform had 22 Fundamental Long/Short Equity managers, 16 Quant Equity Managers, 1 Quant Futures/FX manager, and 9 'Other' managers (these figures include 7 Hybrids). We also had 20 First Loss managers (including Hybrids). Allocated buying power was approximately $275 million for First Loss (with an additional $34 million of Multi-Strategy for Hybrid) and $295 million for Multi-Strategy. While we have moved much closer to our risk targets, we are still actively seeking new and talented managers through multiple avenues. Boothbay is quickly becoming a well-known destination for quality emerging managers and new launches, with many managers and introductions coming to us. Our network is constantly growing and we continue to attend various conferences organized by different types of entities. We are confident we can continue to source value-added managers. For Class 1F which pays 1% management fee and 12.5% incentive fee and is eligible for new issue income. Other classes will have slightly different returns. 810 Seventh Avenue I 6th Floor I New York I NY 110019 I Office EFTA01205203  BOOTHBAY B FUND MANAGEMENT, LLC Plans for AUM Growth: We have been responsible in limiting the growth in Fund AUM so as to not dilute returns. We are now up to 71 managers (up from 62 at quarter-end) and will be onboarding a number more over the next couple of months. We are finally approaching our desired risk targets, which will allow us to cautiously and slowly grow our capital base. We finished June at only 0.57% VaR versus a target of approximately 0.80% VaR (95% Daily VaR which excludes to First Loss managers). Between July and August, however, we expect to have added approximately 15 additional managers, which should take us to a risk level that will enable us to achieve good risk-adjusted and absolute returns, at a higher asset base. Additionally, over the past 12 months we have been frustrated on a number of occasions when we wanted to allocate to certain managers, but could not, because of their minimum size requirements for managed accounts. These managers have performed very well and a larger capital base will allow us to allocate to them going forward. Additionally, a larger asset base will dilute the burden of fixed expenses. Therefore, we have decided it would be beneficial to the Funds' performance to take in a modest amount of additional capital. We are targeting to take in another $40M gradually over the remainder of the year. We finished June with assets of a little over $100M and believe healthy growth by January 1, 2016 would bring assets to $150M. We are extremely grateful to our Day 1 investors, who not only gave us an opportunity, but lived through the slow ramp-up that muted returns in the initial months. As such, we are offering our Day 1 investors the first opportunity to invest additional capital on the same founders' share class terms they initially invested in (up to $40M on a first-come first-served basis between here and year-end). We will be most appreciative of any flexibility as to time to draw it down, as we want to match new capital with the timing of some opportunities the Fund has over the back half the of year. Additionally, we have investor requests for an offshore fund. We are investigating the logistics of this with a potential target launch date of January 1, 2016. An offshore fund would be unlikely to launch without $25M of commitments. For those who would be interested in adding capital in an offshore fund or transferring existing investments from the domestic fund, please let us know as soon as possible. This January 1, 2016 investment would also be given the same beneficial treatment. As always, I am available to answer all investment and business inquiries. Daniel Bloom is available to answer any questions related to financial operations. Sincerely, Ari Glass Managing Member, Boothbay Fund Management 810 Seventh Avenue 16th Floor I New York I NY 110019 I Office: EFTA01205204  BOOTHBAY B FUND MANAGEMENT, LLC IMPORTANT DISCLOSURES The information presented herein is confidential and proprietary, and may not be (i) used by, or on behalf of, you for any purpose other than evaluating an initial or continued investment in Boothbay Absolute Return Strategies, LP (the "Fund"), or (ii) disclosed by, or on behalf of, you to any third party, in each case except with the prior written consent of Boothbay Fund Management, LLC ("Boothbay"). This letter includes forward-looking statements. Although Boothbay believes that the expectations and views reflected in such statements are reasonable, such statements are subject to a number of assumptions, risks and uncertainties which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, and the expectations and views reflected therein, expressed in this letter may change at any time, without notice. Prospective investors are cautioned not to invest based on these forward-looking statements. Performance figures (which include the reinvestment of dividends, capital gains and other earnings) included herein are based on unaudited information, may be subject to adjustment and are shown net of fees/allocations and expenses. Results for individual investors may vary based on, among other things, the timing of capital contributions and withdrawals. An investment in the Fund is speculative and involves a high degree of risk. Past performance is not necessarily indicative of future results. There can be no assurances that the Fund will continue to have a similar return on invested capital because, among other reasons, there may be differences in economic and market conditions, regulatory and political climate, portfolio size, investment opportunities, expenses and structure. Accordingly, when deciding to make an investment, potential investors are urged to review carefully all disclosure documentation, including the Fund's confidential private offering memorandum, and consult with their counsel and advisers. References to the S&PS0O and any other benchmark(s) referred to herein are for illustrative purposes only. Any such benchmarks are included merely to show general trends in the markets in the periods indicated and are not intended to imply that the Fund's portfolio is similar to any such benchmarks either in composition or risk. Comparisons to benchmarks have limitations because natural characteristics of such benchmarks, such as volatility, among other things, are likely to differ from those of the Fund. Boothbay does not attempt to track a benchmark and there is no guarantee that the Fund will meet or exceed any such benchmark. 810 Seventh Avenue 16' Floor I New York I NY 1 10019 I Office: EFTA01205205