Financial Highlights

12 Months Ended

Dec. 31, 2015

8. Financial Highlights

Financial highlights for the Limited Partner classes as a whole for the years ended December 31, 2015, 2014 and 2013 were as follows:


	2015						2014						2013
	Class A			Class Z			Class A			Class Z			Class A			Class Z
Net realized and unrealized gains (losses)	$	(23.15	)	$	(16.36	)	$	(27.63	)	$	(18.20	)	$	51.42		$	34.08
Net investment loss		(77.79	)		(35.82	)		(78.50	)		(35.07	)		(92.93	)		(42.51	)

Increase (decrease) for the year		(100.94	)		(52.18	)		(106.13	)		(53.27	)		(41.51	)		(8.43	)
Net asset value per unit, beginning of year		1,304.97			889.87			1,411.10			943.14			1,452.61			951.57

Net asset value per unit, end of year	$	1,204.03		$	837.69		$	1,304.97		$	889.87		$	1,411.10		$	943.14


	2015						2014						2013
	Class A			Class Z			Class A			Class Z			Class A			Class Z

Ratios to average net assets:
Net investment loss*		(6.2	)%		(4.1	)%		(6.1	)%		(3.8	)%		(6.8	)%		(10.6	)%

Operating expenses		6.2			4.1			6.1			3.8			6.1			9.6
Incentive fees		—	%		—	%		—	%		—	%		0.7	%		1.1	%

Total expenses		6.2	%		4.1	%		6.1	%		3.8	%		6.8	%		10.7	%


Total return:
Total return before incentive fees		(7.7	)%		(5.9	)%		(7.5	)%		(5.6	)%		(2.1	)%		0.2	%
Incentive fees		—	%		—	%		—	%		—	%		(0.8	)%		(1.1	)%

Total return after incentive fees		(7.7	)%		(5.9	)%		(7.5	)%		(5.6	)%		(2.9	)%		(0.9	)%

*	Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets and exclude the income and expenses of the Funds.

COMMODITY ADVISORS FUND L.P. 10-K