##### 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 June 30, 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
    522 Fifth Avenue 
14th Floor
    New York, New York 10036  (Address
    of principal executive offices) (Zip Code)
  (212) 296-1999
 (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 June 30, 2010 and
    December 31, 2009 (unaudited)

3Condensed Schedules of Investments at June 30, 2010 and
    December 31, 2009  (unaudited)

4  5Statements of Income and Expenses and Changes in Partners Capital for
    the three and six months ended June 30, 2010 and 2009
    (unaudited)

6Notes to Financial Statements (unaudited)

7  18Item 2.

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

19  22Item 3.

Quantitative and Qualitative Disclosures about Market Risk

23  25Item 4.

Controls and Procedures

26PART II - Other Information



27  30ExhibitsEx. 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)  June 30,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Partnerships, at fair value
    
    $
    77,747,697
    
    
    $
    63,868,859Equity in trading account:Cash
    
    
    82,520,382
    
    
    
    94,883,891Cash margin
    
    
    7,892,755
    
    
    
    11,750,313Net
unrealized appreciation on open futures contracts
    
    
    608,881
    
    
    
    744,126168,769,715
    
    
    
    171,247,189Interest receivable
    
    
    6,019
    
    
    
    1,454Total assets
    
    $
    168,775,734
    
    
    $
    171,248,643Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    263,851
    
    
    $
    1,025,915Accrued expenses:Brokerage
fees
    
    
    491,493
    
    
    
    496,483Management fees
    
    
    279,958
    
    
    
    282,773Administrative fees
    
    
    69,990
    
    
    
    70,693Incentive fees
    
    
    10,919
    
    
    
    42,297Other
    
    
    45,462
    
    
    
    62,730Redemptions payable
    
    
    1,541,824
    
    
    
    2,562,080Total
liabilities
    
    
    2,703,497
    
    
    
    4,542,971Partners Capital:General Partner, 1,302.6036 unit equivalents
outstanding at June 30, 2010 and December 31, 2009
    
    
    1,786,026
    
    
    
    1,831,956Limited Partners, 119,818.5991 and 117,232.3714 Redeemable Units
outstanding at June 30, 2010 and December 31, 2009, respectively
    
    
    164,286,211
    
    
    
    164,873,716Total partners capital
    
    
    166,072,237
    
    
    
    166,705,672Total
liabilities and partners capital
    
    $
    168,775,734
    
    
    $
    171,248,643Net asset value per unit
    
    $
    1,371.12
    
    
    $
    1,406.38
  3




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Condensed Schedule of Investments
   June 30, 2010
    (Unaudited) Notional ($)/Number of
    
    
    
    
    
    
    % of Partners'Contracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    139
    
    
    $
    (38,868
    )
    
    
    (0.02
    )%Energy
    
    
    281
    
    
    
    (267,840
    )
    
    
    (0.16
    )Grains
    
    
    379
    
    
    
    156,632
    
    
    
    0.09Indices
    
    
    252
    
    
    
    (433,221
    )
    
    
    (0.26
    )Interest Rates U.S.
    
    
    842
    
    
    
    542,493
    
    
    
    0.33Interest Rates Non-U.S.
    
    
    1,109
    
    
    
    597,571
    
    
    
    0.36Livestock
    
    
    132
    
    
    
    980
    
    
    
    0.00
    *Metals
    
    
    55
    
    
    
    113,405
    
    
    
    0.07Softs
    
    
    113
    
    
    
    (8,562
    )
    
    
    (0.01
    )Total futures contracts purchased
    
    
    
    
    
    
    662,590
    
    
    
    0.40Futures Contracts SoldCurrencies
    
    
    168
    
    
    
    (129,452
    )
    
    
    (0.08
    )Energy
    
    
    334
    
    
    
    199,650
    
    
    
    0.12Grains
    
    
    511
    
    
    
    (156,344
    )
    
    
    (0.09
    )Indices
    
    
    157
    
    
    
    160,024
    
    
    
    0.09Interest Rates U.S.
    
    
    21
    
    
    
    (3,500
    )
    
    
    (0.00
    )*Interest Rates Non-U.S.
    
    
    259
    
    
    
    (84,082
    )
    
    
    (0.05
    )Livestock
    
    
    73
    
    
    
    (22,360
    )
    
    
    (0.01
    )Metals
    
    
    31
    
    
    
    (198
    )
    
    
    (0.00
    )*Softs
    
    
    52
    
    
    
    (17,447
    )
    
    
    (0.01
    )Total futures contracts sold
    
    
    
    
    
    
    (53,709
    )
    
    
    (0.03
    )Unrealized Appreciation on Forward ContractsCurrencies
    
    $
    58,615,525
    
    
    
    980,532
    
    
    
    0.59Metals
    
    
    139
    
    
    
    965,054
    
    
    
    0.58Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1,945,586
    
    
    
    1.17Unrealized Depreciation on Forward ContractsCurrencies
    
    $
    60,447,923
    
    
    
    (1,107,154
    )
    
    
    (0.67
    )Metals
    
    
    174
    
    
    
    (1,102,283
    )
    
    
    (0.66
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2,209,437
    )
    
    
    (1.33
    )Investment in PartnershipsCMF Altis
Partners Master Fund L.P.
    
    
    
    
    
    
    23,164,941
    
    
    
    13.95CMF Sasco
Master Fund L.P.
    
    
    
    
    
    
    24,277,510
    
    
    
    14.62Waypoint
Master Fund L.P.
    
    
    
    
    
    
    30,305,246
    
    
    
    18.25Total investment in Partnerships
    
    
    
    
    
    
    77,747,697
    
    
    
    46.82Total fair value
    
    
    
    
    
    $
    78,092,727
    
    
    
    47.03
    %
 
 *
    
    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 Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    (1,711,594
    )
    
    $
    (3,589,132
    )
    
    $
    (4,323,036
    )
    
    $
    2,410,437Net realized
gains (losses) on investment in Partnerships
    
    
    9,292,621
    
    
    
    187,040
    
    
    
    8,346,208
    
    
    
    (2,526,293
    )Change in net unrealized gains (losses) on open contracts
    
    
    (1,700,768
    )
    
    
    4,648,121
    
    
    
    626,819
    
    
    
    (3,062,728
    )Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    (7,599,480
    )
    
    
    1,432,207
    
    
    
    (3,009,375
    )
    
    
    2,658,497Gain (loss) from trading, net
    
    
    (1,719,221
    )
    
    
    2,678,236
    
    
    
    1,640,616
    
    
    
    (520,087
    )Interest income
    
    
    27,245
    
    
    
    27,145
    
    
    
    40,647
    
    
    
    60,620Interest income from investment in Partnerships
    
    
    25,416
    
    
    
    14,933
    
    
    
    37,483
    
    
    
    28,719Total income (loss)
    
    
    (1,666,560
    )
    
    
    2,720,314
    
    
    
    1,718,746
    
    
    
    (430,748
    )Expenses:Brokerage
fees including clearing fees
    
    
    1,787,929
    
    
    
    1,747,295
    
    
    
    3,481,259
    
    
    
    3,478,834Management fees
    
    
    847,318
    
    
    
    826,349
    
    
    
    1,684,651
    
    
    
    1,668,072Administrative fees
    
    
    212,352
    
    
    
    206,586
    
    
    
    421,685
    
    
    
    417,017Incentive fees
    
    
    (67,482
    )
    
    
    614,533
    
    
    
    48,096
    
    
    
    914,653Other
    
    
    227,929
    
    
    
    153,524
    
    
    
    393,139
    
    
    
    253,506Total expenses
    
    
    3,008,046
    
    
    
    3,548,287
    
    
    
    6,028,830
    
    
    
    6,732,082Net income (loss)
    
    
    (4,674,606
    )
    
    
    (827,973
    )
    
    
    (4,310,084
    )
    
    
    (7,162,830
    )Additions   Limited Partners
    
    
    6,820,000
    
    
    
    12,495,000
    
    
    
    19,438,000
    
    
    
    25,325,000Proceeds from Limited Partners redemption fees
    
    
    
    
    
    
    22,973
    
    
    
    
    
    
    
    222,349Redemptions  Limited Partners
    
    
    (5,642,424
    )
    
    
    (8,844,638
    )
    
    
    (15,761,351
    )
    
    
    (23,002,432
    )Net increase (decrease) in Partners Capital
    
    
    (3,497,030
    )
    
    
    2,845,362
    
    
    
    (633,435
    )
    
    
    (4,617,913
    )Partners Capital, beginning of period
    
    
    169,569,267
    
    
    
    159,782,514
    
    
    
    166,705,672
    
    
    
    167,245,789Partners Capital, end of period
    
    $
    166,072,237
    
    
    $
    162,627,876
    
    
    $
    166,072,237
    
    
    $
    162,627,876Net asset value per unit
(121,121.2027 and 112,502.5448 units
outstanding at June 30, 2010 and 2009, respectively)
    
    $
    1,371.12
    
    
    $
    1,445.55
    
    
    $
    1,371.12
    
    
    $
    1,445.55Net income (loss) per Redeemable Unit
and General Partner unit equivalent
    
    $
    (38.29
    )
    
    $
    (7.26
    )
    
    $
    (35.26
    )
    
    $
    (62.82
    )Weighted average units outstanding
    
    
    121,854.2150
    
    
    
    114,231.3348
    
    
    
    121,705.0634
    
    
    
    114,267.7950
  6




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##### Table of Contents



Emerging CTA Portfolio L.P.Notes to Financial Statements
June 30, 2010
    (Unaudited)
  1.
    General:          Form 10-K
         7




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    (28.72
    )
    
    $
    8.14
    
    
    $
    (14.98
    )
    
    $
    (35.11
    )Interest income
    
    
    0.43
    
    
    
    0.37
    
    
    
    0.64
    
    
    
    0.79Expenses **
    
    
    (10.00
    )
    
    
    (15.77
    )
    
    
    (20.92
    )
    
    
    (28.50
    )Increase (decrease) for the period
    
    
    (38.29
    )
    
    
    (7.26
    )
    
    
    (35.26
    )
    
    
    (62.82
    )Proceeds from Limited Partners early redemption fees
    
    
    
    
    
    
    0.20
    
    
    
    
    
    
    
    1.94Net asset
value per Redeemable Unit, beginning of period
    
    
    1,409.41
    
    
    
    1,452.61
    
    
    
    1,406.38
    
    
    
    1,506.43Net asset
value per Redeemable Unit, end of period
    
    $
    1,371.12
    
    
    $
    1,445.55
    
    
    $
    1,371.12
    
    
    $
    1,445.55
 
 *
    
    Includes brokerage fees and clearing fees.**
    
    Excludes brokerage fees and clearing fees. Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.2
    )%
    
    
    (7.2
    )%
    
    
    (7.2
    )%
    
    
    (7.1
    )%Operating
expenses
    
    
    7.3
    %
    
    
    7.3
    %
    
    
    7.3
    %
    
    
    7.2
    %Incentive fees
    
    
    
    %
    
    
    0.4
    %
    
    
    
    %
    
    
    0.6
    %Total expenses
    
    
    7.3
    %
    
    
    7.7
    %
    
    
    7.3
    %
    
    
    7.8
    %Total return:Total return before incentive fees
    
    
    (2.8
    )%
    
    
    (0.1
    )%
    
    
    (2.5)
    %
    
    
    (3.5
    )%Incentive fees
    
    
    0.1
    %
    
    
    (0.4
    )%
    
    
    
    %
    
    
    (0.5
    )%Total return after incentive fees
    
    
    (2.7
    )%
    
    
    (0.5
    )%
    
    
    (2.5
    )%
    
    
    (4.0
    )%
         3.
    Trading
    Activities:     8




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
       June 30, 2010AssetsFutures ContractsCurrencies
    
    $
    265,513Energy
    
    
    718,212Grains
    
    
    309,103Indices
    
    
    166,900Interest Rates U.S.
    
    
    546,855Interest Rates Non-U.S.
    
    
    644,060Livestock
    
    
    30,730Metals
    
    
    151,330Softs
    
    
    61,376Total unrealized appreciation on open futures contracts
    
    $
    2,894,079LiabilitiesFutures ContractsCurrencies
    
    $
    (433,834
    )Energy
    
    
    (786,402
    )Grains
    
    
    (308,815
    )Indices
    
    
    (440,098
    )Interest Rates U.S.
    
    
    (7,862
    )Interest Rates Non-U.S.
    
    
    (130,570
    )Livestock
    
    
    (52,110
    )Metals
    
    
    (38,122
    )Softs
    
    
    (87,385
    )Total unrealized depreciation on open futures contracts
    
    $
    (2,285,198
    )Net unrealized appreciation on open futures contracts
    
    $
    608,881
    *
 *
    
    This amount is in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition. AssetsForward ContractsCurrencies
    
    $
    980,532Metals
    
    
    965,054Total
unrealized appreciation on open forward contracts
    
    $
    1,945,586LiabilitiesForward ContractsCurrencies
    
    $
    (1,107,154
    )Metals
    
    
    (1,102,283
    )Total
unrealized depreciation on open forward contracts
    
    $
    (2,209,437
    )Net
unrealized depreciation on open forward contracts
    
    $
    (263,851
    )**
 **
    
    This amount is in Net unrealized depreciation 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
June 30, 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 Ended
    
    
    Six Months Ended
    
    
    Six Months EndedJune 30, 2010
    
    
    June 30, 2009
    
    
    June 30, 2010
    
    
    June 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from trading
    
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    (1,821,042
    )
    
    $
    1,112,024
    
    
    $
    (3,111,822
    )
    
    $
    718,056Energy
    
    
    293,835
    
    
    
    (730,005
    )
    
    
    (484,557
    )
    
    
    473,157Grains
    
    
    (482,131
    )
    
    
    1,644,014
    
    
    
    11,465
    
    
    
    1,609,265Indices
    
    
    (3,016,853
    )
    
    
    (656,205
    )
    
    
    (3,086,993
    )
    
    
    1,533,295Interest Rates U.S.
    
    
    1,813,341
    
    
    
    (708,204
    )
    
    
    1,229,709
    
    
    
    (2,034,106
    )Interest Rates Non-U.S.
    
    
    954,894
    
    
    
    633,234
    
    
    
    2,002,782
    
    
    
    (1,916,311
    )Livestock
    
    
    8,864
    
    
    
    149,200
    
    
    
    (173,229
    )
    
    
    (126,911
    )Softs
    
    
    (745,108
    )
    
    
    232,267
    
    
    
    (286,376
    )
    
    
    311,120Metals
    
    
    (418,162
    )
    
    
    (617,336
    )
    
    
    202,804
    
    
    
    (1,219,856
    )Total
    
    $
    (3,412,362
    )
    
    $
    1,058,989
    
    
    $
    (3,696,217
    )
    
    $
    (652,291
    )
 10




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
June 30, 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 StatementsJune 30, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs6/30/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Partnerships
    
    $
    77,747,697
    
    
    $
    
    
    
    $
    77,747,697
    
    
    $
    Futures
    
    
    608,881
    
    
    
    608,881
    
    
    
    
    
    
    
    Total assets
    
    
    78,356,578
    
    
    
    608,881
    
    
    
    77,747,697
    
    
    
    LiabilitiesForwards
    
    $
    263,851
    
    
    $
    137,229
    
    
    $
    126,622
    
    
    $
    Total liabilities
    
    
    263,851
    
    
    
    137,229
    
    
    
    126,622
    
    
    
    Total fair value
    
    $
    78,092,727
    
    
    $
    471,652
    
    
    $
    77,621,075
    
    
    $
    
 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 StatementsJune 30, 2010
    (Unaudited)
            give-up,
      June 30, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    71,337,811
    
    
    $
    827,700
    
    
    $
    70,510,111Sasco Master
    
    
    44,408,265
    
    
    
    6,944,923
    
    
    
    37,463,342Waypoint Master
    
    
    42,741,064
    
    
    
    24,400
    
    
    
    42,716,664Total
    
    $
    158,487,140
    
    
    $
    7,797,023
    
    
    $
    150,690,117
 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




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsJune 30, 2010
    (Unaudited)
  For the three months ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (6,238,080
    )
    
    $
    (6,216,345
    )
    
    $
    (6,318,318
    )Avant Master
    
    
    444,954
    
    
    
    446,366
    
    
    
    423,318Sasco Master
    
    
    (772,096
    )
    
    
    (760,354
    )
    
    
    (1,100,094
    )Waypoint Master
    
    
    5,344,480
    
    
    
    5,356,042
    
    
    
    5,296,789Total
    
    $
    (1,220,742
    )
    
    $
    (1,174,291
    )
    
    $
    (1,698,305
    )For the six months ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (4,102,014
    )
    
    $
    (4,069,053
    )
    
    $
    (4,221,277
    )Avant Master
    
    
    1,063,684
    
    
    
    1,066,892
    
    
    
    1,018,521Sasco Master
    
    
    2,140,632
    
    
    
    2,157,989
    
    
    
    1,572,053Waypoint Master
    
    
    5,917,533
    
    
    
    5,932,402
    
    
    
    5,858,344Total
    
    $
    5,019,835
    
    
    $
    5,088,230
    
    
    $
    4,227,641For the three months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (196,381
    )
    
    $
    (176,906
    )
    
    $
    (209,227
    )Avant Master
    
    
    744,282
    
    
    
    748,985
    
    
    
    726,751Sasco Master
    
    
    3,626,560
    
    
    
    3,632,019
    
    
    
    3,371,687Total
    
    $
    4,174,461
    
    
    $
    4,204,098
    
    
    $
    3,889,211For the six months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (5,030,541
    )
    
    $
    (4,990,039
    )
    
    $
    (5,072,429
    )Avant Master
    
    
    1,352,778
    
    
    
    1,365,172
    
    
    
    1,314,430Sasco Master
    
    
    3,626,560
    
    
    
    3,632,019
    
    
    
    3,371,687Total
    
    $
    (51,203
    )
    
    $
    7,152
    
    
    $
    (386,312
    )
  14




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsJune 30, 2010
    (Unaudited)
   June 30, 2010
    
    
    For the three months ended June 30, 2010% of
    
    
    
    
    
    

    
    
    
        

ExpensesPartnerships
    
    
    
    
    
    
    
    
    
    


Brokerage
                              


    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    

          Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    13.95
    %
    
    $
    23,164,941
    
    
    $
    (2,033,754
    )
    
    $
    12,466
    
    
    $
    20,725
    
    
    $
    (2,066,945
    )
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    
    
    
    
    
    
    
    
    446,366
    
    
    
    15,098
    
    
    
    7,950
    
    
    
    423,318
    
    
    Energy Markets
    
    MonthlySasco Master
    
    
    14.62
    %
    
    
    24,277,510
    
    
    
    (492,523
    )
    
    
    102,363
    
    
    
    118,069
    
    
    
    (712,955
    )
    
    Energy Markets
    
    MonthlyWaypoint Master
    
    
    18.25
    %
    
    
    30,305,246
    
    
    
    3,798,468
    
    
    
    29,111
    
    
    
    12,906
    
    
    
    3,756,451
    
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    77,747,697
    
    
    $
    1,718,557
    
    
    $
    159,038
    
    
    $
    159,650
    
    
    $
    1,399,869June 30, 2010
    
    

For
the six  months ended June 30, 2010% of
    
    
    
    
    
    

    
    
    
        
ExpensesPartnerships
    
    
    
    
    
    
    
    
    
    

          Brokerage
                             


    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
          Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    13.95
    %
    
    $
    23,164,941
    
    
    $
    (1,301,292
    )
    
    $
    25,454
    
    
    $
    24,794
    
    
    $
    (1,351,540
    )
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    
    
    
    
    
    
    
    
    1,066,892
    
    
    
    20,335
    
    
    
    28,036
    
    
    
    1,018,521
    
    
    Energy Markets
    
    MonthlySasco Master
    
    
    14.62
    %
    
    
    24,277,510
    
    
    
    1,401,735
    
    
    
    179,520
    
    
    
    200,792
    
    
    
    1,021,423
    
    
    Energy Markets
    
    MonthlyWaypoint Master
    
    
    18.25
    %
    
    
    30,305,246
    
    
    
    4,206,981
    
    
    
    35,208
    
    
    
    17,299
    
    
    
    4,154,474
    
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    77,747,697
    
    
    $
    5,374,316
    
    
    $
    260,517
    
    
    $
    270,921
    
    
    $
    4,842,878December
31, 2009
    
    

For
the three months ended June 30, 2009% of
    
    
    
    
    
    

    
    
    
        

ExpensesPartnerships
    
    
    
    
    
    
    
    
    
    

          Brokerage
                      
                            
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
          Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.00
    %
    
    $
    28,338,180
    
    
    $
    (57,924
    )
    
    $
    6,637
    
    
    $
    4,375
    
    
    $
    (68,936
    )
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    6.90
    %
    
    
    11,500,341
    
    
    
    682,233
    
    
    
    10,610
    
    
    
    10,144
    
    
    
    661,479
    
    
    Energy Markets
    
    MonthlySasco Master
    
    
    14.41
    %
    
    
    24,030,338
    
    
    
    1,009,871
    
    
    
    121,060
    
    
    
    40,115
    
    
    
    848,696
    
    
    Energy Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    63,868,859
    
    
    $
    1,634,180
    
    
    $
    138,307
    
    
    $
    54,634
    
    
    $
    1,441,239December
31, 2009
    
    

For
the six  months ended June 30, 2009% of
    
    
    
    
    
    

    
    
    
        

ExpensesPartnerships
    
    
    
    
    
    
    
    
    
    


Brokerage
                              


    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
          Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.00
    %
    
    $
    28,338,180
    
    
    $
    (1,802,523
    )
    
    $
    21,062
    
    
    $
    8,203
    
    
    $
    (1,831,788
    )
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    6.90
    %
    
    
    11,500,341
    
    
    
    953,575
    
    
    
    21,977
    
    
    
    16,592
    
    
    
    915,006
    
    
    Energy Markets
    
    MonthlySasco Master
    
    
    14.41
    %
    
    
    24,030,338
    
    
    
    1,009,871
    
    
    
    121,060
    
    
    
    40,115
    
    
    
    848,696
    
    
    Energy Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    63,868,859
    
    
    $
    160,923
    
    
    $
    164,099
    
    
    $
    64,910
    
    
    $
    (68,086
    )
 15




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsJune 30, 2010
    (Unaudited)
 6. Financial Instrument Risks:
       16




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    June 30, 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.
  17




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    June 30, 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.
 18




---



##### 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.
 19




---



##### Table of Contents



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
  Options.
 20




---



##### Table of Contents



Results
of Operations
      21




---



##### Table of Contents



30-day 3-month 90-day
          22




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
 23




---



##### Table of Contents



June 30, 2010

    (Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
        2,876,511
    
    
    
        1.73
    %Energy
    
    
        8,750,960
    
    
    
        5.27
    %Grains
    
    
        576,770
    
    
    
    0.35
    %Interest Rates U.S.
    
    
        1,335,433
    
    
    
        0.80
    %Interest Rates Non-U.S.
    
    
        2,911,962
    
    
    
    1.75
    %Livestock
    
    
        121,702
    
    
    
    0.07
    %Lumber
    
    
        3,257
    
    
    
    0.00
    %*Metals
    
    
        926,635
    
    
    
    0.56
    %Softs
    
    
        391,830
    
    
    
    0.24
    %Indices
    
    
        1,854,623
    
    
    
        1.12
    %Total
    
    $
        19,749,683
    
    
    
        11.89
    %
 *
    
    Due to rounding    June 30, 2010

    (Unaudited)
  Three months ended June 30, 2010Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    1,620,748
    
    
    
    0.97
    %
    
    $
    3,886,751
    
    
    $
    1,620,748
    
    
    $
    2,408,614Energy
    
    
    575,457
    
    
    
    0.34
    %
    
    
    1,283,311
    
    
    
    440,556
    
    
    
    649,825Grains
    
    
    359,592
    
    
    
    0.22
    %
    
    
    694,712
    
    
    
    220,523
    
    
    
    392,467Interest Rates U.S.
    
    
    727,710
    
    
    
    0.44
    %
    
    
    909,360
    
    
    
    309,712
    
    
    
    596,675Interest Rates Non-U.S.
    
    
    1,486,372
    
    
    
    0.89
    %
    
    
    1,486,372
    
    
    
    1,095,635
    
    
    
    1,280,952Livestock
    
    
    100,500
    
    
    
    0.06
    %
    
    
    132,500
    
    
    
    32,850
    
    
    
    76,083Metals
    
    
    476,227
    
    
    
    0.29
    %
    
    
    849,409
    
    
    
    435,388
    
    
    
    509,426Softs
    
    
    261,035
    
    
    
    0.16
    %
    
    
    539,702
    
    
    
    192,635
    
    
    
    383,333Indices
    
    
    993,290
    
    
    
    0.60
    %
    
    
    2,979,873
    
    
    
    993,290
    
    
    
    1,726,730Total
    
    $
    6,600,931
    
    
    
    3.97
    %   *
    
    Average of month-end Values at Risk. 24




---



##### Table of Contents



June 30, 2010
    
    (Unaudited)
  Three months ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    2,414,670
    
    
    
    3.43
    %
    
    $
    3,215,808
    
    
    $
    466,547
    
    
    $
    2,318,326Energy
    
    
    417,779
    
    
    
    0.59
    %
    
    
    944,809
    
    
    
    354,534
    
    
    
    677,884Grains
    
    
    416,491
    
    
    
    0.59
    %
    
    
    502,484
    
    
    
    279,916
    
    
    
    384,678Interest Rates U.S.
    
    
    971,600
    
    
    
    1.38
    %
    
    
    972,350
    
    
    
    252,188
    
    
    
    657,183Interest Rates Non -U.S.
    
    
    1,565,394
    
    
    
    2.22
    %
    
    
    1,773,721
    
    
    
    740,034
    
    
    
    1,383,968Livestock
    
    
    64,445
    
    
    
    0.09
    %
    
    
    120,100
    
    
    
    27,107
    
    
    
    62,577Lumber
    
    
    9,900
    
    
    
    0.01
    %
    
    
    22,000
    
    
    
    1,100
    
    
    
    9,533Metals
    
    
    1,231,606
    
    
    
    1.75
    %
    
    
    1,742,043
    
    
    
    1,016,632
    
    
    
    1,160,603Softs
    
    
    397,553
    
    
    
    0.56
    %
    
    
    488,952
    
    
    
    199,670
    
    
    
    349,970Indices
    
    
    2,373,690
    
    
    
    3.37
    %
    
    
    7,740,340
    
    
    
    564,742
    
    
    
    3,033,893Total
    
    $
    9,863,128
    
    
    
    13.99
    %   *
    
    Average of  month-end Values at Risk.    June 30, 2010

    (Unaudited)
  Three months ended June 30, 2010% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy
    
    $
    12,404,404
    
    
    
    33.11
    %
    
    $
    14,724,184
    
    
    $
    10,763,390
    
    
    $
    13,080,215Totals
    
    $
    12,404,404
    
    
    
    33.11
    % *
    
    Average of month-end Values at Risk.  June 30, 2010
(Unaudited)
 Three months ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    

Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    650,686
    
    
    
    1.52
    %
    
    $
    11,817,974
    
    
    $
    650,686
    
    
    $
    4,383,389Grains
    
    
    113,050
    
    
    
    0.26
    %
    
    
    154,000
    
    
    
    31,000
    
    
    
    124,950Interest Rates U.S.
    
    
    406,300
    
    
    
    0.95
    %
    
    
    938,850
    
    
    
    47,200
    
    
    
    601,500Interest Rates Non -U.S.
    
    
    1,284,310
    
    
    
    3.01
    %
    
    
    2,212,691
    
    
    
    104,489
    
    
    
    723,505Metals
    
    
    63,765
    
    
    
    0.15
    %
    
    
    216,426
    
    
    
    31,500
    
    
    
    123,963Indices
    
    
    113,383
    
    
    
    0.27
    %
    
    
    113,383
    
    
    
    100,993
    
    
    
    107,856Total
    
    $
    2,631,494
    
    
    
    6.16
    %
 *
    
    Average of month-end Values at Risk. 25




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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.   26




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   27




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##### Table of Contents



Item 1A.
    Risk
    Factors  Regulatory changes could restrict the Partnerships operations
 Regulatory
changes could restrict the Partnerships operations.
    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 ProgramsApril 1, 2010 
April 30, 2010



2,011.4689



$
1,402.21




N/A




N/AMay 1, 2010 
May 31, 2010



914.4407



$
1,399.87




N/A




N/AJune 1, 2010 
June 30, 2010



1,124.4996



$
1,371.12




N/A




N/ATotal



4,050.4092



$
1,393.05       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    [Removed
and Reserved].  Item 5.
    Other
    Information. None. 28




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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).(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated June 30, 2010 (filed as Exhibit 3.1(e) to the Current Report on Form 8-K filed on July 2, 2010 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).
 29




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##### Table of Contents



10.8
    
    Amended and Restated Agency Agreement between the Partnership, the General Partner,
CGM and MSSB (filed as Exhibit 10.8 to the Current Report on Form 8-K filed on August 4, 2010 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, Secretary
and Director)32.1 Section 1350 Certification (Certification of President and Director)32.2 Section 1350
Certification (Certification of Chief Financial Officer, Secretary and
Director)
 30




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##### Table of Contents



SIGNATURES
    EMERGING
CTA PORTFOLIO L.P.
  By:

Ceres Managed Futures LLC(General
    Partner)By:

/s/ Walter DavisWalter Davis
    President and DirectorDate:

August 16, 2010By:

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

August 16, 2010