##### Table of Contents



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, 2010
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  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 Ceres
    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




---



##### 



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

Financial Statements:Statements of Financial Condition at March 31, 2010 and
    December 31, 2009 (unaudited)

3Condensed Schedules of Investments at March 31, 2010 and
    December 31, 2009  (unaudited)

4  5Statements of Income and Expenses and Changes in Partners Capital for
    the three months ended March 31, 2010 and 2009
    (unaudited)

6Notes to Financial Statements (unaudited)

7  17Item 2.

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

18  21Item 3.

Quantitative and Qualitative Disclosures about Market Risk

22  24Item 4.

Controls and Procedures

25PART II - Other Information



26  29ExhibitsEx. 31.1 CertificationEx. 31.2 CertificationEx. 32.1 CertificationEx. 32.2 CertificationEX-31.1EX-31.2EX-32.1EX-32.2  2




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##### Table of Contents



PART I Item 1.
    Financial Statements Emerging CTA Portfolio L.P.
    Statements of Financial Condition
    (Unaudited)  March 31,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Partnerships, at fair value
    
    $
    91,926,056
    
    
    $
    63,868,859Equity in trading account:Cash
    
    
    68,333,131
    
    
    
    94,883,891Cash margin
    
    
    10,079,591
    
    
    
    11,750,313Net
unrealized appreciation on open futures contracts
    
    
    1,931,753
    
    
    
    744,126Net unrealized appreciation on open forward contracts
    
    
    114,045
    
    
    
    172,384,576
    
    
    
    171,247,189Interest receivable
    
    
    7,499
    
    
    
    1,454Total assets
    
    $
    172,392,075
    
    
    $
    171,248,643Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    
    
    
    $
    1,025,915Accrued expenses:Brokerage
fees
    
    
    502,810
    
    
    
    496,483Management fees
    
    
    286,331
    
    
    
    282,773Administrative fees
    
    
    71,583
    
    
    
    70,693Incentive fees
    
    
    157,875
    
    
    
    42,297Other
    
    
    90,561
    
    
    
    62,730Redemptions payable
    
    
    1,713,648
    
    
    
    2,562,080Total liabilities
    
    
    2,822,808

    
    
    

    4,542,971Partners Capital:General
Partner, 1,302.6036 Unit equivalents outstanding
at March 31, 2010 and December 31, 2009, respectively
    
    
    1,835,903
    
    
    
    1,831,956Limited
Partners, 119,009.5109 and 117,232.3714 Redeemable Units of Limited
Partnership Interest outstanding at March 31, 2010 and
December 31, 2009, respectively
    
    
    167,733,364
    
    
    
    164,873,716Total partners capital
    
    
    169,569,267
    
    
    
    166,705,672Total liabilities and partners capital
    
    $
    172,392,075
    
    
    $
    171,248,643Net Asset
Value per Unit
    
    $
    1,409.41
    
    
    $
    1,406.38
  3




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Condensed Schedule of Investments
   March 31, 2010
    (Unaudited) Notional ($)/ Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    540
    
    
    $
    236,913
    
    
    
    0.14
    %Energy
    
    
    285
    
    
    
    579,975
    
    
    
    0.34Grains
    
    
    126
    
    
    
    (154,303
    )
    
    
    (0.09
    )Indices
    
    
    473
    
    
    
    537,731
    
    
    
    0.32Interest Rates U.S.
    
    
    893
    
    
    
    3,882
    
    
    
    0.00
    *Interest Rates Non-U.S.
    
    
    1,195
    
    
    
    78,184
    
    
    
    0.05Livestock
    
    
    40
    
    
    
    (8,200
    )
    
    
    (0.01
    )Metals
    
    
    106
    
    
    
    279,043
    
    
    
    0.17Softs
    
    
    106
    
    
    
    (66,790
    )
    
    
    (0.04
    )Total futures contracts purchased
    
    
    
    
    
    
    1,486,435
    
    
    
    0.88Futures Contracts SoldCurrencies
    
    
    113
    
    
    
    17,712
    
    
    
    0.01Energy
    
    
    137
    
    
    
    32,219
    
    
    
    0.02Grains
    
    
    340
    
    
    
    341,767
    
    
    
    0.20Indices
    
    
    160
    
    
    
    13,527
    
    
    
    0.01Interest Rates U.S.
    
    
    128
    
    
    
    (15,484
    )
    
    
    (0.01
    )Interest Rates Non-U.S.
    
    
    227
    
    
    
    71,759
    
    
    
    0.04Livestock
    
    
    9
    
    
    
    (15,750
    )
    
    
    (0.01
    )Softs
    
    
    24
    
    
    
    (432
    )
    
    
    (0.00
    )*Total futures contracts sold
    
    
    
    
    
    
    445,318
    
    
    
    0.26Unrealized Appreciation on Forward ContractsCurrencies
    
    $
    91,514,039
    
    
    
    1,279,984
    
    
    
    0.76Metals
    
    
    244
    
    
    
    2,484,777
    
    
    
    1.46Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    3,764,761
    
    
    
    2.22Unrealized Depreciation on Forward ContractsCurrencies
    
    $
    81,311,602
    
    
    
    (1,105,650
    )
    
    
    (0.65
    )Metals
    
    
    238
    
    
    
    (2,545,066
    )
    
    
    (1.50
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (3,650,716
    )
    
    
    (2.15
    )Investment in PartnershipsCMF Altis Partners Master Fund L.P.
    
    
    
    
    
    
    27,629,219
    
    
    
    16.29CMF Avant Master Fund L.P.
    
    
    
    
    
    
    11,918,009
    
    
    
    7.03CMF Sasco Master Fund L.P.
    
    
    
    
    
    
    25,399,126
    
    
    
    14.98Waypoint Master Fund L.P.
    
    
    
    
    
    
    26,979,702
    
    
    
    15.91Total investment in Partnerships
    
    
    
    
    
    
    91,926,056
    
    
    
    54.21Total fair value
    
    
    
    
    
    $
    93,971,854
    
    
    
    55.42
    %
 
 *
    
    Due to rounding.  4




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##### Table of Contents



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


559


$
(127,478
)


(0.08
)%Energy


190



436,615



0.26Grains


152



30,308



0.02Indices


560



639,897



0.38Interest Rates U.S.


930



(277,236
)


(0.17
)Interest Rates
    Non-U.S.


1,027



(103,653
)


(0.06
)Livestock


22



(3,650
)


(0.00
)*Metals


91



42,022



0.03Softs


194



253,960



0.15Total futures contracts purchased






890,785



0.53Futures Contracts SoldCurrencies


119



110,339



0.07Energy


89



(372,022
)


(0.22
)Grains


285



(208,494
)


(0.13
)Indices


102



(60,061
)


(0.03
)Interest Rates U.S.


353



224,031



0.13Interest Rates
    Non-U.S.


406



122,499



0.07Livestock


31



(840
)


(0.00
)*Metals


12



31,850



0.02Softs


28



6,039



0.00
*Total futures contracts sold






(146,659
)


(0.09
)Unrealized Appreciation on Forward ContractsCurrencies

$
36,468,535



495,276



0.30Metals


271



1,901,753



1.14Total unrealized appreciation on forward contracts






2,397,029



1.44Unrealized Depreciation on Forward ContractsCurrencies

$
74,168,842



(1,420,713
)


(0.85
)Metals


273



(2,002,231
)


(1.20
)Total unrealized depreciation on forward contracts






(3,422,944
)


(2.05
)Investment in PartnershipsCMF Altis Partners Master Fund L.P.






28,338,180



17.00CMF Avant Master Fund L.P.






11,500,341



6.90CMF Sasco Master Fund L.P.






24,030,338



14.41Total investment in Partnerships






63,868,859



38.31Total fair value





$
63,587,070



38.14
%      5




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##### Table of Contents



Emerging CTA Portfolio L.P.Statements of Income and Expenses and  Changes in
    Partners Capital
    (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    (2,611,442
    )
    
    $
    5,999,568Net realized
gains (losses)  on investment in Partnerships
    
    
    (946,413
    )
    
    
    (2,713,333
    )Change in net unrealized gains (losses) on open contracts
    
    
    2,327,587
    
    
    
    (7,710,849
    )Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    4,590,105
    
    
    
    1,226,291Gain (loss) from trading, net
    
    
    3,359,837
    
    
    
    (3,198,323
    )Interest income
    
    
    13,402
    
    
    
    33,477Interest income from investment in Partnerships
    
    
    12,067
    
    
    
    13,784Total income (loss)
    
    
    3,385,306
    
    
    
    (3,151,062
    )Expenses:Brokerage fees including clearing fees
    
    
    1,693,330
    
    
    
    1,731,539Management fees
    
    
    837,333
    
    
    
    841,723Administrative fees
    
    
    209,333
    
    
    
    210,431Incentive fees
    
    
    115,578
    
    
    
    300,120Other
    
    
    165,210
    
    
    
    99,982Total expenses
    
    
    3,020,784
    
    
    
    3,183,795Net income (loss)
    
    
    364,522
    
    
    
    (6,334,857
    )Additions   Limited Partners
    
    
    12,618,000
    
    
    
    12,830,000Proceeds from Limited Partners redemption fees
    
    
    
    
    
    
    199,376Redemptions  Limited Partners
    
    
    (10,118,927
    )
    
    
    (14,157,794
    )Net increase (decrease) in Partners Capital
    
    
    2,863,595
    
    
    
    (7,463,275
    )Partners Capital, beginning of period
    
    
    166,705,672
    
    
    
    167,245,789Partners Capital, end of period
    
    $
    169,569,267
    
    
    $
    159,782,514Net Asset Value per  Unit
(120,312.1145 and 109,996.8077  Units
outstanding at March 31, 2010 and 2009, respectively)
    
    $
    1,409.41
    
    
    $
    1,452.61Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    3.03
    
    
    $
    (55.56
    )Weighted average units outstanding
    
    
    121,555.9118
    
    
    
    114,304.2552
  6




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##### Table of Contents



Emerging CTA Portfolio L.P.Notes to Financial Statements
March 31, 2010
    (Unaudited)
  1.
    General:          Form 10-K
          7




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months EndedMarch 31,2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    13.74
    
    
    $
    (43.25
    )Interest income
    
    
    0.21
    
    
    
    0.42Expenses **
    
    
    (10.92
    )
    
    
    (12.73
    )Increase (decrease) for the period
    
    
    3.03
    
    
    
    (55.56
    )Proceeds from Limited Partners early redemption fees
    
    
    
    
    
    
    1.74Net Asset
Value per Redeemable Unit, beginning of period
    
    
    1,406.38
    
    
    
    1,506.43Net Asset
Value per Redeemable Unit, end of period
    
    $
    1,409.41
    
    
    $
    1,452.61
 
 *
    
    Includes brokerage fees and clearing fees.**
    
    Excludes brokerage fees and clearing fees. Three Months EndedMarch 31,2010
    
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.1
    )%
    
    
    (7.0
    )%Operating expense
    
    
    7.2
    %
    
    
    7.1
    %Incentive fees
    
    
    0.1
    %
    
    
    0.2
    %Total expenses
    
    
    7.3
    %
    
    
    7.3
    %Total return:Total return before incentive fees
    
    
    0.3
    %
    
    
    (3.4
    )%Incentive fees
    
    
    (0.1
    )%
    
    
    (0.2
    )%Total return after incentive fees
    
    
    0.2
    %
    
    
    (3.6
    )%
         3.
    Trading
    Activities:     8




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
       March 31, 2010AssetsFutures ContractsCurrencies
    
    $
    463,940Energy
    
    
    844,800Grains
    
    
    347,431Indices
    
    
    637,755Interest Rates U.S.
    
    
    74,497Interest Rates Non-U.S.
    
    
    326,328Livestock
    
    
    210Metals
    
    
    280,603Softs
    
    
    42,949Total unrealized appreciation on open futures contracts
    
    $
    3,018,513LiabilitiesFutures ContractsCurrencies
    
    $
    (209,315
    )Energy
    
    
    (232,606
    )Grains
    
    
    (159,966
    )Indices
    
    
    (86,498
    )Interest Rates U.S.
    
    
    (86,099
    )Interest Rates Non-U.S.
    
    
    (176,385
    )Livestock
    
    
    (24,160
    )Metals
    
    
    (1,560
    )Softs
    
    
    (110,171
    )Total unrealized depreciation on open futures contracts
    
    $
    (1,086,760
    )Net unrealized appreciation on open futures contracts
    
    $
    1,931,753
    *
 *
    
    This amount is in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition. March 31, 2010AssetsForward ContractsCurrencies
    
    $
    1,279,984Metals
    
    
    2,484,777Total
unrealized appreciation on open forward contracts
    
    $
    3,764,761LiabilitiesForward ContractsCurrencies
    
    $
    (1,105,650
    )Metals
    
    
    (2,545,066
    )Total
unrealized depreciation on open forward contracts
    
    $
    (3,650,716
    )Net
unrealized appreciation on open forward contracts
    
    $
    114,045
    **
 **
    
    This amount is in Net unrealized appreciation on open forward contracts on the Statements of Financial Condition. 9




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
  Assets

December 31, 2009Futures ContractsCurrencies

$
454,205Energy


524,031Grains


89,903Indices


698,928Interest Rates U.S.


312,507Interest Rates
    Non-U.S.


320,014Livestock


7,630Metals


186,737Softs


316,766Total unrealized appreciation on open futures contracts

$
2,910,721LiabilitiesFutures ContractsCurrencies

$
(471,344
)Energy


(459,438
)Grains


(268,089
)Indices


(119,092
)Interest Rates U.S.


(365,712
)Interest Rates
    Non-U.S.


(301,168
)Livestock


(12,120
)Metals


(112,865
)Softs


(56,767
)Total unrealized depreciation on open futures contracts


(2,166,595
)Net unrealized appreciation on open futures contracts

$
744,126
*    *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition. AssetsForward ContractsCurrencies

$
495,276Metals


1,901,753Total unrealized appreciation on open forward contracts

$
2,397,029LiabilitiesForward ContractsCurrencies

$
(1,420,713
)Metals


(2,002,231
)Total unrealized depreciation on open forward contracts


(3,422,944
)Net unrealized depreciation on open forward contracts

$
(1,025,915
)**   **
    
    This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.  Three Months Ended
    
    
    Three Months EndedMarch 31, 2010
    
    
    March 31, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    (1,290,781
    )
    
    $
    (393,969
    )Energy
    
    
    (778,392
    )
    
    
    1,203,161Grains
    
    
    493,596
    
    
    
    (34,749
    )Indices
    
    
    (70,139
    )
    
    
    2,189,500Interest Rates U.S.
    
    
    (583,632
    )
    
    
    (1,325,901
    )Interest Rates Non-U.S.
    
    
    1,047,888
    
    
    
    (2,549,545
    )Livestock
    
    
    (182,093
    )
    
    
    (276,111
    )Softs
    
    
    458,732
    
    
    
    78,853Metals
    
    
    620,966
    
    
    
    (602,520
    )Total
    
    $
    (283,855
    )
    
    $
    (1,711,281
    )
 10




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
  4.
    Fair Value
Measurements:  Partnerships and the Funds Investments.
  Partnerships and the Funds Fair Value Measurements.
     11




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsMarch 31, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs3/31/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Partnerships
    
    $
    91,926,056
    
    
    $
    
    
    
    $
    91,926,056
    
    
    $
    Futures
    
    
    1,931,753
    
    
    
    1,931,753
    
    
    
    
    
    
    
    Forwards
    
    
    174,334
    
    
    
    
    
    
    
    174,334
    
    
    
    Total assets
    
    
    94,032,143
    
    
    
    1,931,753
    
    
    
    92,100,390
    
    
    
    LiabilitiesForwards
    
    $
    60,289
    
    
    $
    60,289
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    60,289
    
    
    
    60,289
    
    
    
    
    
    
    
    Total fair value
    
    $
    93,971,854
    
    
    $
    1,871,464
    
    
    $
    92,100,390
    
    
    $
    
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs12/31/2009
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Partnerships
    
    $
    63,868,859
    
    
    $
    
    
    
    $
    63,868,859
    
    
    $
    Futures
    
    
    744,126
    
    
    
    744,126
    
    
    
    
    
    
    
    Total assets
    
    
    64,612,985
    
    
    
    744,126
    
    
    
    63,868,859
    
    
    
    LiabilitiesForwards
    
    $
    1,025,915
    
    
    $
    100,478
    
    
    $
    925,437
    
    
    $
    Total liabilities
    
    
    1,025,915
    
    
    
    100,478
    
    
    
    925,437
    
    
    
    Total fair value
    
    $
    63,587,070
    
    
    $
    643,648
    
    
    $
    62,943,422
    
    
    $
    
 5. Investment in Partnerships:
     12




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsMarch 31, 2010
    (Unaudited)
            give-up,
      March 31, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    82,011,747
    
    
    $
    348,632
    
    
    $
    81,663,115Avant Master
    
    
    13,638,196
    
    
    
    1,721,332
    
    
    
    11,916,864Sasco Master
    
    
    39,209,774
    
    
    
    73,076
    
    
    
    39,136,698Waypoint Master
    
    
    38,081,301
    
    
    
    6,200
    
    
    
    38,075,101Total
    
    $
    172,941,018
    
    
    $
    2,149,240
    
    
    $
    170,791,778
 December 31, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    84,341,762
    
    
    $
    34,004
    
    
    $
    84,307,758Avant Master
    
    
    13,259,355
    
    
    
    1,759,171
    
    
    
    11,500,184Sasco Master
    
    
    37,621,540
    
    
    
    716,206
    
    
    
    36,905,334Total
    
    $
    135,222,657
    
    
    $
    2,509,381
    
    
    $
    132,713,276
 13




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsMarch 31, 2010
    (Unaudited)
  For the three months ended March 31, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    2,136,066
    
    
    $
    2,147,292
    
    
    $
    2,097,041Avant Master
    
    
    618,730
    
    
    
    620,526
    
    
    
    595,203Sasco Master
    
    
    2,912,728
    
    
    
    2,918,343
    
    
    
    2,672,147Waypoint Master
    
    
    573,053
    
    
    
    576,360
    
    
    
    561,555Total
    
    $
    6,240,577
    
    
    $
    6,262,521
    
    
    $
    5,925,946For the three months ended March 31, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (4,834,160
    )
    
    $
    (4,813,133
    )
    
    $
    (4,863,202
    )Avant Master
    
    
    608,496
    
    
    
    616,187
    
    
    
    587,679Total
    
    $
    (4,225,664
    )
    
    $
    (4,196,946
    )
    
    $
    (4,275,523
    )
   March 31, 2010% of
    
    
    
    
    
    
    For the three months ended March 31, 2010Partnerships Net
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionAssets
    
    
    Fair Value
    
    
    Income (Loss)
    
    

Brokerage
Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    16.29
    %
    
    $
    27,629,219
    
    
    $
    732,462
    
    
    $
    12,988
    
    
    $
    4,069
    
    
    $
    715,405
    
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    7.03
    %
    
    
    11,918,009
    
    
    
    620,526
    
    
    
    5,237
    
    
    
    20,086
    
    
    
    595,203
    
    
    Energy 
Markets
    
    MonthlySasco Master
    
    
    14.98
    %
    
    
    25,399,126
    
    
    
    1,894,258
    
    
    
    77,157
    
    
    
    82,723
    
    
    
    1,734,378
    
    
    Energy 
Markets
    
    MonthlyWaypoint Master
    
    
    15.91
    %
    
    
    26,979,702
    
    
    
    408,513
    
    
    
    6,097
    
    
    
    4,393
    
    
    
    398,023
    
    
    Commodity 
Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    91,926,056
    
    
    $
    3,655,759
    
    
    $
    101,479
    
    
    $
    111,271
    
    
    $
    3,443,009December 31, 2009% of
    
    
    
    
    
    
    For the three months ended March 31, 2009Partnerships Net
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionAssets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage
Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.00
    %
    
    $
    28,338,180
    
    
    $
    (1,744,599
    )
    
    $
    14,425
    
    
    $
    3,828
    
    
    $
    (1,762,852
    )
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    6.90
    %
    
    
    11,500,341
    
    
    
    271,341
    
    
    
    11,367
    
    
    
    6,447
    
    
    
    253,527
    
    
    Energy 
Markets
    
    MonthlySasco Master
    
    
    14.41
    %
    
    
    24,030,338
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    63,868,859
    
    
    $
    (1,473,258
    )
    
    $
    25,792
    
    
    $
    10,275
    
    
    $
    (1,509,325
    )
 14




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsMarch 31, 2010
    (Unaudited)
 6. Financial Instrument Risks:
       15




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    March 31, 2010
    (Unaudited)
  7.  Critical
    Accounting Policies
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships
and Funds Investments.
 Partnerships and Funds Fair Value Measurements.
  Futures
Contracts.
 Forward Foreign Currency Contracts.
  16




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    March 31, 2010
    (Unaudited)
 London Metals Exchange Forward Contracts
  Options.
 Income Taxes.
   Subsequent Events.
 Recent Accounting Pronouncements
 No. 2010-09 2010-09),
 Net Income (Loss) per Redeemable Unit.
 17




---



##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
      Critical
Accounting Policies
 Partnerships
and Funds Investments.
 Partnerships and Funds Fair Value Measurements.
  Futures
Contracts.
 18




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##### Table of Contents



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
  Options.
 19




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##### Table of Contents



Results
    of Operations
           20




---



##### Table of Contents



30-day 3-month 90-day
          21




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
 22




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##### Table of Contents



March 31, 2010

    (Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    7,099,997
    
    
    
    4.19
    %Energy
    
    
    9,326,833
    
    
    
    5.50
    %Grains
    
    
    590,518
    
    
    
    0.35
    %Interest Rates U.S.
    
    
    1,107,067
    
    
    
    0.65
    %Interest Rates Non-U.S.
    
    
    2,666,892
    
    
    
    1.57
    %Livestock
    
    
    67,493
    
    
    
    0.04
    %Lumber
    
    
    1,487
    
    
    
    0.00
    %*Metals
    
    
    1,132,525
    
    
    
    0.67
    %Softs
    
    
    349,043
    
    
    
    0.21
    %Indices
    
    
    3,736,805
    
    
    
    2.20
    %Total
    
    $
    26,078,660
    
    
    
    15.38
    %
 *
    
    Due to rounding    March 31, 2010

    (Unaudited)
  Three months ended March 31, 2010Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    1,849,375
    
    
    
    1.09
    %
    
    $
    8,643,224
    
    
    $
    1,849,375
    
    
    $
    3,452,275Energy
    
    
    901,515
    
    
    
    0.53
    %
    
    
    1,006,137
    
    
    
    454,245
    
    
    
    677,913Grains
    
    
    396,892
    
    
    
    0.23
    %
    
    
    738,061
    
    
    
    202,590
    
    
    
    413,850Interest Rates U.S.
    
    
    690,923
    
    
    
    0.41
    %
    
    
    1,608,060
    
    
    
    369,408
    
    
    
    939,236Interest Rates Non-U.S.
    
    
    1,409,510
    
    
    
    0.83
    %
    
    
    3,055,102
    
    
    
    1,222,691
    
    
    
    1,953,339Livestock
    
    
    47,450
    
    
    
    0.03
    %
    
    
    190,700
    
    
    
    47,450
    
    
    
    98,917Metals
    
    
    566,145
    
    
    
    0.33
    %
    
    
    695,928
    
    
    
    394,746
    
    
    
    540,349Softs
    
    
    213,575
    
    
    
    0.13
    %
    
    
    690,412
    
    
    
    213,574
    
    
    
    378,075Indices
    
    
    2,377,554
    
    
    
    1.40
    %
    
    
    4,579,562
    
    
    
    1,623,816
    
    
    
    2,442,179Total
    
    $
    8,452,939
    
    
    
    4.98
    %   *
    
    Average of month-end Values at Risk. 23




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##### Table of Contents



March 31, 2010
    
    (Unaudited)
  Three months ended March 31, 2010% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    1,827,343
    
    
    
    2.24
    %
    
    $
    2,056,618
    
    
    $
    1,000,619
    
    
    $
    1,424,084Energy
    
    
    740,160
    
    
    
    0.90
    %
    
    
    932,954
    
    
    
    236,868
    
    
    
    781,476Grains
    
    
    381,972
    
    
    
    0.47
    %
    
    
    532,633
    
    
    
    254,364
    
    
    
    394,501Interest Rates U.S.
    
    
    367,600
    
    
    
    0.45
    %
    
    
    523,900
    
    
    
    245,980
    
    
    
    368,907Interest Rates Non -U.S.
    
    
    739,594
    
    
    
    0.90
    %
    
    
    892,295
    
    
    
    563,167
    
    
    
    777,276Livestock
    
    
    59,300
    
    
    
    0.07
    %
    
    
    78,750
    
    
    
    22,320
    
    
    
    51,117Lumber
    
    
    4,400
    
    
    
    0.01
    %
    
    
    11,000
    
    
    
    2,200
    
    
    
    6,967Metals
    
    
    1,609,606
    
    
    
    1.97
    %
    
    
    1,843,068
    
    
    
    952,069
    
    
    
    1,454,680Softs
    
    
    294,654
    
    
    
    0.36
    %
    
    
    556,754
    
    
    
    281,218
    
    
    
    390,431Indices
    
    
    1,548,246
    
    
    
    1.90
    %
    
    
    1,550,953
    
    
    
    522,144
    
    
    
    1,457,579Total
    
    $
    7,572,875
    
    
    
    9.27
    %   *
    
    Average of  month-end Values at Risk    March 31, 2010

    (Unaudited)
  Three months ended March 31, 2010% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
654,800



5.49
%

$
1,345,645


$
201,884


$
502,056Totals

$
654,800



5.49
%   *
    
    Average of month-end Values at Risk    March 31, 2010

    (Unaudited)
  Three months ended March 31, 2010% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy
    
    $
    11,502,922
    
    
    
    29.39
    %
    
    $
    13,377,805
    
    
    $
    10,146,543
    
    
    $
    11,785,137Totals
    
    $
    11,502,922
    
    
    
    29.39
    % *
    
    Average of month-end Values at Risk  March 31, 2010
(Unaudited)
 Three months ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    6,534,527
    
    
    
    17.16
    %
    
    $
    6,534,527
    
    
    $
    3,403
    
    
    $
    3,268,965Energy
    
    
    77,500
    
    
    
    0.21
    %
    
    
    79,000
    
    
    
    45,000
    
    
    
    62,000Grains
    
    
    91,000
    
    
    
    0.24
    %
    
    
    98,500
    
    
    
    12,000
    
    
    
    55,250Interest Rates U.S.
    
    
    411,700
    
    
    
    1.08
    %
    
    
    411,700
    
    
    
    28,500
    
    
    
    220,100Interest Rates Non -U.S.
    
    
    1,420,874
    
    
    
    3.73
    %
    
    
    1,903,852
    
    
    
    679,750
    
    
    
    1,291,801Metals
    
    
    31,500
    
    
    
    0.08
    %
    
    
    79,968
    
    
    
    31,500
    
    
    
    55,734Softs
    
    
    50,600
    
    
    
    0.13
    %
    
    
    143,000
    
    
    
    50,600
    
    
    
    96,800Indices
    
    
    1,179,046
    
    
    
    3.10
    %
    
    
    1,179,046
    
    
    
    135,778
    
    
    
    657,412Total
    
    $
    9,796,747
    
    
    
    25.73
    %
 *
    
    Average of month-end Values at Risk 24




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##### Table of Contents



Item 4.
    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.   25




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   Credit Crisis Related Matters
     26




---



##### Table of Contents



Item 1A.
    Risk
    Factors    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, 2010 
January 31, 2010



3,098.8178



$
1,362.00




N/A




N/AFebruary 1, 2010 
February 28, 2010



3,095.7792



$
1,351.74




N/A




N/AMarch 1, 2010 
March 31, 2010



1,215.8618



$
1,409.41




N/A




N/ATotal



7,410.4588



$
1,365.49       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    [Removed
and Reserved].  Item 5.
    Other
    Information. None. 27




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##### Table of Contents



Item 6.
    Exhibits 3.1(a)
    
    Certificate of Limited Partnership dated June 30, 2003 (filed as
Exhibit 3.1 to the General Form for Registration of Securities on
Form 10 filed on April 30, 2008 and incorporated herein by
reference).(b)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 21, 2005 (filed as Exhibit 3.1(a) to the General
Form for Registration of Securities on Form 10 filed on April 30,
2008 and incorporated herein by reference).(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 19, 2008 (filed as Exhibit 3.1(c) to the Quarterly
Report on Form 10-Q filed on November 16, 2009 and incorporated
herein by reference).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 28, 2009 (filed as Exhibit 99.1 to the Current
Report on Form 8-K filed on September 30, 2009 and incorporated
herein by reference).3.2
    
    Limited Partnership Agreement (filed as Exhibit 3.2 to the General
Form for Registration of Securities on Form 10 filed on April 30,
2008 and incorporated herein by reference).10.1(a)
    
    Management Agreement among the Partnership, the General Partner
and Altis (filed as Exhibit 10.1 to the General Form for
Registration of Securities on Form 10 filed on April 30, 2008 and
incorporated herein by reference).(b)
    
    Letter from the General Partner to Altis extending the Management
Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit
10.1(b) on Form 10-K filed on March 31, 2010 and incorporated
herein by reference).10.2(a)
    
    Management Agreement among the Partnership, the General Partner
and Fall River Capital LLC (filed as Exhibit 10.2 to the General
Form for Registration of Securities on Form 10 filed on April 30,
2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Fall River Capital LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.2(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.3(a)
    
    Management Agreement among the Partnership, the General Partner
and Waypoint Capital Management LLC (filed as Exhibit 10.4 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Waypoint Capital Management LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.3(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.4(a)
    
    Management Agreement among the Partnership, the General Partner
and Xplor Capital Management, LLC (filed as Exhibit 10.5 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Xplor Capital Management, LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.4(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.5(a)
    
    Management Agreement among the Partnership the General Partner and
Avant (filed as Exhibit 10.6 to the General Form for Registration
of Securities on Form 10 filed on April 30, 2008 and incorporated
herein by reference).(b)
    
    Letter from the General Partner to Avant extending the Management
Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit
10.5(b) on Form 10-K filed on March 31, 2010 and incorporated
herein by reference).10.6(a)
    
    Management Agreement among the Partnership, the General Partner
and Cantab Capital Partners LLP (filed as Exhibit 10.7 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Cantab Capital Partners LLP
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.6(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.7
    
    Customer Agreement between the Partnership, the General Partner
and CGM (filed as Exhibit 10.9 to the General Form for
Registration of Securities on Form 10 filed on April 30, 2008
and incorporated herein by reference).
 28




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##### Table of Contents



10.8
    
    Amended and Restated Agency Agreement between the Partnership,
the General Partner and CGM (filed as Exhibit 10.10 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).10.9
    
    Form of Subscription Agreement (filed as Exhibit 10.11 to the
Quarterly Report on Form 10-Q filed on November 16, 2009 and
incorporated herein by reference).10.10 (a)
    
    Management Agreement among the Partnership, the General Partner
and Sasco (filed as Exhibit 10.1 to the Current Report on
Form 8-K filed on April 21, 2009 and incorporated herein by
reference).(b)
    
    Letter from the General Partner to Sasco extending the
Management Agreement from June 30, 2009 to June 30, 2010 (filed
as Exhibit 10.10(b) on Form 10-K filed on March 31, 2010 and
incorporated herein by reference).10.11
    
    Joinder Agreement among the Partnership, the General Partner,
CGM and MSSB (filed as Exhibit 10 to the Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2009 filed on
August 14, 2009 and incorporated herein by reference).10.12
    
    Management Agreement among the Partnership, the General Partner
and PGR Capital LLP (filed as Exhibit 10.1 to the Current Report
on Form 8-K filed on November 5, 2009 and incorporated herein by
reference).10.13
    
    Management Agreement among the Partnership, the General Partner
and Blackwater Capital Management LLC (filed as Exhibit 10.1 to
the Current Report on Form 8-K filed on February 28, 2010 and
incorporated herein by reference).10.14
    
    Management Agreement among the Partnership, the General Partner
and J E Moody & Company LLC (filed as Exhibit 10.14 on Form 10-K
filed on March 31, 2010 and incorporated herein by reference).10.15
    
    Management Agreement among the Partnership, the General Partner
and Cirrus Capital Management LLC (filed as Exhibit 10.1 on Form
8-K filed on May 5, 2010 and incorporated herein by reference).
  (a)
    
    31.1  Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)31.2 Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer
and Director)32.1 Section 1350 Certification (Certification of President and Director)32.2 Section 1350 Certification (Certification of Chief Financial Officer and
Director)
 29




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##### Table of Contents



SIGNATURES
    EMERGING
CTA PORTFOLIO L.P.
  By:

Ceres Managed Futures LLC(General
    Partner)By:

/s/ Jerry PascucciJerry
    Pascucci
    President and DirectorDate:

May 17, 2010By:

/s/ Jennifer MagroJennifer
    Magro
    Chief Financial Officer and Director
(Principal Accounting Officer)Date:

May 17, 2010