UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  For The
    Quarterly Period Ended March 31, 2009
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  CITIGROUP
    EMERGING CTA PORTFOLIO L.P.
   (Exact name
    of registrant as specified in its charter)
  New York


04-3768983(State or other jurisdiction of
    incorporation or organization)


(I.R.S. Employer
    Identification No.
)   c/o Citigroup
    Managed Futures LLC
    55 East
59th
Street  10th Floor
    New York, New York 10022  (Address
    of principal executive offices) (Zip Code)
  (212) 559-2011
 (Registrants
    telephone number, including area code)
    Yes
    X   No
    Yes
        No
  12b-2
  Large
    accelerated filer
    Accelerated filer
    Non-accelerated
    filer X
Smaller reporting company  Rule 12b-2
  Yes
     No X




---



##### 



CITIGROUP
    EMERGING CTA PORTFOLIO L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I - Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at March 31, 2009 and
    December 31, 2008 (unaudited)

3Schedules of Investments at March 31, 2009 and
    December 31, 2008  (unaudited)

4  5Statements of Income and Expenses and Partners Capital for
    the three months ended March 31, 2009 and 2008
    (unaudited)

6Notes to Financial Statements (unaudited)

7  13Item 2.

Managements Discussion and Analysis of Financial Condition
    and Results of Operations

14  17Item 3.

Quantitative and Qualitative Disclosures about Market Risk

18  20Item 4T.

Controls and Procedures

21PART II - Other Information



22  26  2




---



##### 



PART I Item 1.
    Financial Statements Citigroup
    Emerging CTA Portfolio L.P.
    Statements of Financial Condition
    (Unaudited)  March 31,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Partnerships, at fair value
    
    $
    45,470,333
    
    
    $
    51,209,248Equity in trading account:Cash
    
    
    95,481,294
    
    
    
    116,717,439Cash margin
    
    
    29,614,733
    
    
    
    7,320,973Net
unrealized appreciation on open futures contracts
    
    
    
    
    
    
    4,286,597Net unrealized appreciation on open forward contracts
    
    
    
    
    
    
    581,962Gain (loss) from trading, net
    
    
    170,566,360
    
    
    
    180,116,219Interest receivable
    
    
    13,708
    
    
    
    2,371Total assets
    
    $
    170,580,068
    
    
    $
    180,118,590Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts
    
    $
    1,409,683
    
    
    $
    Net
unrealized depreciation on open forwards contracts
    
    
    1,432,607
    
    
    
    Accrued expenses:Brokerage commissions
    
    
    489,235
    
    
    
    525,346Management fees
    
    
    278,650
    
    
    
    299,205Administrative fees
    
    
    69,662
    
    
    
    74,801Incentive fees
    
    
    300,121
    
    
    
    2,574,101General Partner incentive fees
    
    
    
    
    
    
    1,750,838Other
    
    
    58,789
    
    
    
    69,951Redemptions payable
    
    
    6,758,807
    
    
    
    7,578,559Total liabilities
    
    
    10,797,554
    
    
    
    12,872,801Partners Capital:General Partner, 129.0000 Unit equivalents outstanding
at March 31,2009 and December 31, 2008, respectively
    
    
    187,387
    
    
    
    194,329Limited Partners, 109,867.8077 and 110,892.2887 Redeemable Units of Limited
Partnership Interest outstanding at March 31, 2009 and December 31, 2008, respectively
    
    
    159,595,127
    
    
    
    167,051,460Total partners capital
    
    
    159,782,514
    
    
    
    167,245,789Total liabilities and partners capital
    
    $
    170,580,068
    
    
    $
    180,118,590
  3




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Schedule of Investments
   March 31, 2009
    (Unaudited)  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies
    
    
    362
    
    
    $
    19,300
    
    
    
    0.01
    %Energy
    
    
    5,909
    
    
    
    (7,775,714
    )
    
    
    (4.87
    )Grains
    
    
    475
    
    
    
    555,987
    
    
    
    0.35Indices
    
    
    220
    
    
    
    183,814
    
    
    
    0.12Interest Rates U.S.
    
    
    1,757
    
    
    
    1,070,137
    
    
    
    0.67Interest Rates Non-U.S.
    
    
    1,517
    
    
    
    576,851
    
    
    
    0.36Livestock
    
    
    45
    
    
    
    1,300
    
    
    
    0.00
    *Metals
    
    
    52
    
    
    
    71,070
    
    
    
    0.04Softs
    
    
    230
    
    
    
    280,569
    
    
    
    0.18Total futures contracts purchased
    
    
    
    
    
    
    (5,016,686
    )
    
    
    (3.14
    )Futures Contracts SoldCurrencies
    
    
    124
    
    
    
    69,124
    
    
    
    0.04Energy
    
    
    9,226
    
    
    
    4,029,043
    
    
    
    2.52Grains
    
    
    320
    
    
    
    (251,723
    )
    
    
    (0.16
    )Indices
    
    
    235
    
    
    
    (181,298
    )
    
    
    (0.11
    )Interest Rates U.S.
    
    
    52
    
    
    
    (23,213
    )
    
    
    (0.01
    )Interest Rates Non-U.S.
    
    
    252
    
    
    
    64,436
    
    
    
    0.04Livestock
    
    
    48
    
    
    
    6,920
    
    
    
    0.00
    *Metals
    
    
    73
    
    
    
    (32,385
    )
    
    
    (0.02
    )Softs
    
    
    195
    
    
    
    (73,901
    )
    
    
    (0.04
    )Total futures contracts sold
    
    
    
    
    
    
    3,607,003
    
    
    
    2.26Net unrealized depreciation on open futures contracts
    
    
    
    
    
    
    (1,409,683
    )**
    
    
    (0.88
    )Unrealized Appreciation on Forward ContractsCurrencies
    
    
    98,001,688
    
    
    
    2,323,966
    
    
    
    1.45Metals
    
    
    224
    
    
    
    821,236
    
    
    
    0.51Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    3,145,202
    
    
    
    1.96Unrealized Depreciation on Forward ContractsCurrencies
    
    
    143,232,531
    
    
    
    (3,614,453
    )
    
    
    (2.26
    )Metals
    
    
    211
    
    
    
    (963,356
    )
    
    
    (0.60
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (4,577,809
    )
    
    
    (2.86
    )Net
unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (1,432,607
    )***
    
    
    (0.90
    )Investment in PartnershipsCMF Altis Partners Master Fund LP
    
    
    
    
    
    
    29,844,330
    
    
    
    18.68CMF Avant Master Fund LP
    
    
    
    
    
    
    15,626,003
    
    
    
    9.78Total investment in Partnerships
    
    
    
    
    
    
    45,470,333
    
    
    
    28.46Total fair value
    
    
    
    
    
    $
    42,628,043
    
    
    
    26.68
    %   *
    
    Due to rounding.**
    
    This amount is included in Net unrealized depreciation on open futures contracts on the
Statements of Financial Condition.***
    
    This amount is included in Net unrealized depreciation
on open forward contracts on the
Statements of Financial Condition.   4




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


88


$
224,468



0.13
%Energy


788



(2,497,868
)


(1.49
)Grains


224



637,672



0.38Indices


243



121,078



0.07Interest Rates U.S


340



526,258



0.31Interest Rates Non-U.S


442



1,065,205



0.64Livestock


25



(7,270
)


(0.00
)*Metals


93



37,735



0.02Softs


214



366,097



0.22Total futures contracts purchased






473,375



0.28Futures Contracts SoldCurrencies


98



153,769



0.09Energy


799



4,000,085



2.39Grains


121



(414,627
)


(0.25
)Indices


69



(28,222
)


(0.02
)Interest Rates U.S


8



(5,778
)


(0.00
)*Interest Rates Non-U.S


58



(21,539
)


(0.01
)Livestock


42



34,200



0.02Metals


5



(9,531
)


(0.00
)*Softs


94



104,865



0.06Total futures contracts sold






3,813,222



2.28Net unrealized appreciation on open futures contracts






4,286,597
**


2.56Unrealized Appreciation on Open Forward ContractsCurrencies


47,198,019



2,148,531



1.29Metals


920



5,473,402



3.27Total unrealized appreciation on open forward contracts






7,621,933



4.56Unrealized Depreciation on Open Forward ContractsCurrencies


29,003,077



(1,635,524
)


(0.98
)Metals


852



(5,404,447
)


(3.23
)Total unrealized depreciation on open forward contracts






(7,039,971
)


(4.21
)Net unrealized appreciation on open forward contracts






581,962
***


0.35Investment in PartnershipsCMF Altis Partners Master Fund LP






35,435,099



21.19CMF Avant Master Fund LP






15,774,149



9.43Total investment in Partnerships






51,209,248



30.62Total fair value





$
56,077,807



33.53
%         5




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.Statements of Income and Expenses and
    Partners Capital
    (Unaudited)
  Three Months EndedMarch 31,2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    5,999,568
    
    
    $
    8,304,159Net realized
gains (losses) on investment in Partnerships
    
    
    (2,713,333
    )
    
    
    5,197,155Change in net unrealized gains (losses) on open contracts
    
    
    (7,710,849
    )
    
    
    (495,125
    )Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    1,226,291
    
    
    
    (640,291
    )Gain (loss) from trading, net
    
    
    (3,198,323
    )
    
    
    12,365,898Interest income
    
    
    33,477
    
    
    
    534,877Interest income from investment in Partnerships
    
    
    13,784
    
    
    
    258,527Total income (loss)
    
    
    (3,151,062
    )
    
    
    13,159,302Expenses:Brokerage commissions including clearing fees
    
    
    1,731,539
    
    
    
    1,373,899Management fees
    
    
    841,723
    
    
    
    728,051Administrative fees
    
    
    210,431
    
    
    
    182,014Incentive fees
    
    
    300,120
    
    
    
    1,036,538General Partner incentive fees
    
    
    
    
    
    
    501,934Other
    
    
    99,982
    
    
    
    43,238Total expenses
    
    
    3,183,795
    
    
    
    3,865,674Net income (loss)
    
    
    (6,334,857
    )
    
    
    9,293,628Additions  Limited Partners
    
    
    12,830,000
    
    
    
    11,071,000Proceeds from Limited Partners redemption fees
    
    
    199,376
    
    
    
    Redemptions  Limited Partners
    
    
    (14,157,794
    )
    
    
    (6,480,077
    )Net increase (decrease) in Partners Capital
    
    
    (7,463,275
    )
    
    
    13,884,551Partners Capital, beginning of period
    
    
    167,245,789
    
    
    
    138,933,804Partners Capital, end of period
    
    $
    159,782,514
    
    
    $
    152,818,355Net Asset Value per Unit
(109,996.8077 and 113,891.5934 Units
outstanding at March 31, 2009 and 2008, respectively)
    
    $
    1,452.61
    
    
    $
    1,341.79Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    (55.56
    )
    
    $
    79.81
  6




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.Notes to Financial Statements
March 31, 2009
    (Unaudited)
  1.
    General:        Global Wealth Management
    Form 10-K
         7




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months EndedMarch 31,2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    $
    (43.25
    )
    
    $
    94.40Interest income
    
    
    0.42
    
    
    
    6.83Expenses **
    
    
    (12.73
    )
    
    
    (21.42
    )Increase (decrease) for the period
    
    
    (55.56
    )
    
    
    79.81Proceeds from Limited Partners redemption fees
    
    
    1.74
    
    
    
    Net Asset Value per Redeemable Unit Limited Partnership Interest, beginning of period
    
    
    1,506.43
    
    
    
    1,261.98Net Asset Value per Redeemable Unit Limited Partnership Interest, end of period
    
    $
    1,452.61
    
    
    $
    1,341.79       Three Months EndedMarch 31,2009
    
    
    2008Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.0
    )%
    
    
    (4.1
    )%Operating expense
    
    
    7.1
    %
    
    
    6.3
    %Incentive fees
    
    
    0.2
    %
    
    
    1.0
    %Total expenses
    
    
    7.3
    %
    
    
    7.3
    %Total return:Total return
before incentive fees
    
    
    (3.4
    )%
    
    
    7.4
    %Incentive fees
    
    
    (0.2
    )%
    
    
    (1.1
    )%Total return
after incentive fees
    
    
    (3.6
    )%
    
    
    6.3
    %         3.
    Trading
    Activities:   8




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2009
    (Unaudited)
          March 31, 2009Sector
    
    Gain (loss) from tradingCurrencies
    
    $
    (393,969
    )Energy
    
    
    1,203,161Grains
    
    
    (34,749
    )Indices
    
    
    2,189,500Interest Rates U.S.
    
    
    (1,325,901
    )Interest Rates Non-U.S.
    
    
    (2,549,545
    )Livestock
    
    
    (276,111
    )Softs
    
    
    78,853Metals
    
    
    (602,520
    )Total
    
    $
    (1,711,281
    )  4.
    Fair
    Value Measurements:  Investments.
  9




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
 Fair Value Measurements. Fair Value Measurements Effective Date of FASB Statement No. 157
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable Inputs3/31/2009


Assets (Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships
    
    $
    45,470,333
    
    
    $
    
    
    
    $
    45,470,333
    
    
    $
    Total assets
    
    
    45,470,333
    
    
    
    
    
    
    
    45,470,333
    
    
    
    LiabilitiesFutures
    
    $
    1,409,683
    
    
    $
    1,409,683
    
    
    $
    
    
    
    $
    Forwards
    
    
    1,432,607
    
    
    
    142,120
    
    
    
    1,290,487
    
    
    
    Total liabilities
    
    
    2,842,290
    
    
    
    1,551,803
    
    
    
    1,290,487
    
    
    
    Total fair value
    
    $
    42,628,043
    
    
    $
    (1,551,803
    )
    
    $
    44,179,846
    
    
    $
    
 5. Investment in Partnerships:
       10




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
    give-up,
      March 31, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    84,214,953
    
    
    $
    315,168
    
    
    $
    83,899,785Avant Master
    
    
    22,808,731
    
    
    
    1,497,609
    
    
    
    21,311,122Total
    
    $
    107,023,684
    
    
    $
    1,812,777
    
    
    $
    105,210,907
 December 31, 2008Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    99,300,545
    
    
    $
    17,963
    
    
    $
    99,282,582Avant Master
    
    
    67,629,391
    
    
    
    15,257,355
    
    
    
    52,372,036Total
    
    $
    166,929,936
    
    
    $
    15,275,318
    
    
    $
    151,654,618
 11




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
   March 31, 2009% of





For the three months ended March 31, 2009Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedAltis Master
    
    
    18.68
    %
    
    $
    29,844,330
    
    
    $
    (1,744,599
    )
    
    $
    14,425
    
    
    $
    3,828
    
    
    $
    (1,762,852
    )
    
    

Commodity
    Portfolio



MonthlyAvant Master
    
    
    9.78
    %
    
    
    15,626,003
    
    
    
    271,341
    
    
    
    11,367
    
    
    
    6,447
    
    
    
    253,527
    
    
    



Energy
    Markets



MonthlyTotal
    
    
    
    
    
    $
    45,470,333
    
    
    $
    (1,473,258
    )
    
    $
    25,792
    
    
    $
    10,275
    
    
    $
    (1,509,325
    )
 December 31, 2008% of





For the three months ended March 31, 2008Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedAltis Master
    
    
    21.19
    %
    
    $
    35,435,099
    
    
    $
    3,063,915
    
    
    $
    18,651
    
    
    $
    3,635
    
    
    $
    3,041,629
    
    
    



Commodity
    Portfolio



MonthlyAvant Master
    
    
    9.43
    %
    
    
    15,774,149
    
    
    
    1,751,476
    
    
    
    14,441
    
    
    
    3,777
    
    
    
    1,733,258
    
    
    


Energy
    Markets



MonthlyTotal
    
    
    
    
    
    $
    51,209,248
    
    
    $
    4,815,391
    
    
    $
    33,092
    
    
    $
    7,412
    
    
    $
    4,774,887
 6. Financial Instrument Risks:
  12




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    September to Financial Statements
    March 31, 2009
    (Unaudited)
      13




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
       Critical
    Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Investments.
 Fair Value Measurements. Fair Value Measurements Effective Date of FASB Statement No. 157
  Futures Contracts.
 14




---



##### 



Forward Foreign Currency Contracts.
 London Metals Exchange Forward Contracts
 Options.
 Income Taxes.
   Recent Accounting Pronouncements.
 15




---



##### 



Results
    of Operations
          30-day 3-month
 16




---



##### 



and/or 90-day
         17




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
 18




---



##### 



March 31,
    2009
    (Unaudited)
  Three Months Ended March 31, 2009Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    5,342,483
    
    
    
    3.34
    %
    
    $
    5,854,350
    
    
    $
    951,436
    
    
    $
    4,511,662Energy
    
    
    11,578,229
    
    
    
    7.25
    %
    
    
    11,578,229
    
    
    
    839,930
    
    
    
    5,708,261Grains
    
    
    670,850
    
    
    
    0.42
    %
    
    
    1,211,850
    
    
    
    263,910
    
    
    
    588,017Interest Rates U.S.
    
    
    2,192,450
    
    
    
    1.37
    %
    
    
    2,192,450
    
    
    
    341,125
    
    
    
    1,080,823Interest Rates Non-U.S.
    
    
    2,384,760
    
    
    
    1.49
    %
    
    
    2,649,136
    
    
    
    1,317,272
    
    
    
    1,992,835Livestock
    
    
    91,800
    
    
    
    0.06
    %
    
    
    242,325
    
    
    
    42,710
    
    
    
    90,533Metals
    
    
    705,838
    
    
    
    0.44
    %
    
    
    1,092,178
    
    
    
    226,929
    
    
    
    682,144Softs
    
    
    606,312
    
    
    
    0.38
    %
    
    
    873,447
    
    
    
    288,753
    
    
    
    685,813Indices
    
    
    2,512,655
    
    
    
    1.57
    %
    
    
    4,007,168
    
    
    
    2,296,386
    
    
    
    3,208,337Total
    
    $
    26,085,377
    
    
    
    16.32
    %   *
    
    Average month-end Values at Risk 19




---



##### 



March 31, 2009
    
    (Unaudited)
  Three months ended March 31, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    967,484
    
    
    
    1.15
    %
    
    $
    2,264,297
    
    
    $
    598,360
    
    
    $
    1,468,980Energy
    
    
    1,103,486
    
    
    
    1.31
    %
    
    
    2,059,353
    
    
    
    570,944
    
    
    
    1,364,364Grains
    
    
    471,554
    
    
    
    0.56
    %
    
    
    1,137,757
    
    
    
    169,964
    
    
    
    548,046Interest Rates U.S.
    
    
    975,800
    
    
    
    1.16
    %
    
    
    1,344,800
    
    
    
    265,892
    
    
    
    1,016,362Interest Rates Non-U.S.
    
    
    1,764,795
    
    
    
    2.10
    %
    
    
    2,354,713
    
    
    
    1,459,661
    
    
    
    1,930,106Livestock
    
    
    197,700
    
    
    
    0.24
    %
    
    
    302,700
    
    
    
    157,860
    
    
    
    221,067Metals
    
    
    1,273,208
    
    
    
    1.52
    %
    
    
    1,926,819
    
    
    
    844,979
    
    
    
    1,286,748Softs
    
    
    635,096
    
    
    
    0.76
    %
    
    
    815,920
    
    
    
    394,526
    
    
    
    633,943Indices
    
    
    822,911
    
    
    
    0.98
    %
    
    
    2,032,460
    
    
    
    512,202
    
    
    
    1,058,819Lumber
    
    
    30,800
    
    
    
    0.04
    %
    
    
    50,600
    
    
    
    26,400
    
    
    
    36,300Total
    
    $
    8,242,834
    
    
    
    9.82
    %   *
    
    Average month-end Values at Risk    March 31,
    2009
    (Unaudited)
  Three months ended March 31, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
625,230



2.93
%

$
1,143,654


$
309,511


$
466,790Totals

$
625,230



2.93
%   *
    
    Average of month-end Values at Risk 20




---



##### 



Item 4T.
    Controls
    and Procedures      Rules 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with GAAP, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   21




---



##### 



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   Enron-Related Civil Actions
 DK Acquisition Partners, L.P., et al. v. J.P. Morgan
Chase & Co., et al., Avenue Capital Management II, L.P., et al. v. J.P. Morgan Chase & Co., et
al.
 Research Analyst Litigation
 In Re Salomon Analyst Metromedia
Litigation
 Subprime-Mortgage-Related Litigation and Other Matters
 In Re
Citigroup Inc. Bond Litigation
 Buckingham v.
Citigroup Inc , et al. Chen v. Citigroup Inc et al. In Re Citigroup Inc Bond Litigation Pellegrini v. Citigroup Inc et al. Pellegrini In Re Citigroup Inc Bond Litigation
 Brecher v. Citigroup Inc et al. Brecher In Re
Citigroup Inc. Bond Litigation
  Auction Rate Securities
 In Re Citigroup Inc Auction Rate Securities Litigation In Re Citigroup Inc. Auction Rate Securities
Litigation.
 Mayor & City Council Of
Baltimore, Maryland v. Citigroup Inc et al. Mayfield v. Citigroup Inc et al.
 22




---



##### 



Other Matters
 In re MAT Five Securities
Litigation Marie Raymond Revocable rust et al. v. MAT Five LLC, et al.
 Puglisi v. Citigroup
Alternative Investments LLC, et al. In Re MAT Five
Securities Litigation Goodwill v. MAT
Five LLC, et al. Marie Raymond Revocable Trust, et al. v. MAT Five LLC,
et al ECA
Acquisitions, Inc. et al. v. MAT Three LLC, et al., Hahn, et al. v. Citigroup Inc., et
al, Marie Raymond Revocable Trust
  23




---



##### 



Item 1A.
    Risk
    Factors   24




---



##### 



Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.        (d) Maximum Number(c) Total Number of



(or ApproximateRedeemable



Dollar Value) of(b) Average



Units Purchased



Redeemable Units(a) Total Number of



Price Paid per



as Part of



that May Yet BeRedeemable



Redeemable



Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit**



Plans or Programs



Plans or ProgramsJanuary 1, 2009 
    January 31, 2009



1,178.6975



$
1,478.27




N/A




N/AFebruary 1, 2009 
    February 28, 2009



3,839.8979



$
1,473.10




N/A




N/AMarch 1, 2009 
    March 31, 2009



4,652.8708



$
1,452.61




N/A




N/ATotal



9,671.4662



$
1,463.87       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    Submission
    of Matters to a Vote of Security
    Holders.  None.  Item 5.
    Other
    Information. None.  25




---



##### 



Item 6.
    Exhibits  Regulation S-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     26




---



##### 



SIGNATURES
     CITIGROUP EMERGING CTA PORTFOLIO L.P.
  By:

Citigroup Managed Futures LLC(General
    Partner)By:

/s/ Jerry PascucciJerry
    Pascucci
    President and DirectorDate:

May 15, 2009By:

/s/ Jennifer MagroJennifer
    Magro
    Chief Financial Officer and DirectorDate:

May 15, 2009  27