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, 2011
  OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
    THE SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  EMERGING CTA PORTFOLIO  L.P.
     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
     (212) 296-1999
       Yes X  No
    Yes   No
  Rule 12b-2
  Large
    accelerated filer
    Accelerated filer
    Non-accelerated filer X
(Do not check if a smaller reporting company)
    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, 2011 (unaudited) and December 31, 2010

3Condensed Schedules of Investmentsat March 31, 2011 (unaudited) and December 31, 2010

4  5Statements of Income and Expenses
    and Changes in Partners Capital for the three
    months ended March 31, 2011  and 2010 (unaudited)

6Notes to Financial Statements (unaudited)

7  17Item 2.

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

18  19Item 3.

Quantitative and Qualitative
    Disclosures about Market Risk

20  25Item 4.

Controls and Procedures

26PART II - Other Information

27  31ExhibitsExhibit 31.1
CertificationExhibit 31.2
CertificationExhibit 32.1
CertificationExhibit 32.2
Certification  2




---



##### 



PART I
 
 Item 1. Financial Statements
 Emerging CTA Portfolio L.P.
 
 Statements of Financial Condition
 (Unaudited)March 31,
    
    
    December 31,2011
    
    
    2010Assets:Investment in Funds, at fair value
    
    $
    136,996,940
    
    
    $
    93,009,857Equity in trading account:Cash
    
    
    48,374,300
    
    
    
    85,698,856Cash margin
    
    
    9,032,501
    
    
    
    5,943,791Net unrealized appreciation on open futures contracts
    
    
    1,283,860
    
    
    
    1,516,219Net unrealized appreciation on open forward contracts
    
    
    211,795
    
    
    
    19,265Options purchased, at fair value (cost $757,563 and
$854,880 at March 31, 2011 and December 31, 2010,
respectively)
    
    
    892,156
    
    
    
    901,226196,791,552
    
    
    
    187,089,214Interest receivable
    
    
    2,966
    
    
    
    7,439Total assets
    
    $
    196,794,518
    
    
    $
    187,096,653Liabilities and Partners Capital:Liabilities:Options premium received, at fair value (premium
$44,100 and $0 at March 31, 2011 and December 31,
2010, respectively)
    
    $
    29,053
    
    
    $
    Accrued expenses:Brokerage fees
    
    
    573,899
    
    
    
    545,698Management fees
    
    
    286,651
    
    
    
    279,142Administrative fees
    
    
    81,700
    
    
    
    77,685Incentive fees
    
    
    154,616
    
    
    
    500,939Other
    
    
    111,726
    
    
    
    107,923Redemptions payable
    
    
    2,179,801
    
    
    
    2,059,665Total liabilities
    
    
    3,417,446
    
    
    
    3,571,052Partners Capital:General Partner, 1,302.6036 unit equivalents
outstanding at March 31, 2011 and December 31, 2010
    
    
    1,874,746
    
    
    
    1,927,332Limited Partners, 133,059.0888 and 122,734.7189
Redeemable Units outstanding at March 31, 2011 and
December 31, 2010, respectively
    
    
    191,502,326
    
    
    
    181,598,269Total partners capital
    
    
    193,377,072
    
    
    
    183,525,601Total liabilities and partners capital
    
    $
    196,794,518
    
    
    $
    187,096,653Net asset value per unit
    
    $
    1,439.23
    
    
    $
    1,479.60
  3




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##### 



Emerging CTA Portfolio L.P.
 
 Condensed Schedule of Investments
March 31, 2011
(Unaudited)
 Notional ($)/Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
Contracts PurchasedCurrencies
    
    
    161
    
    
    $
    255,132
    
    
    
    0.13
    %Energy
    
    
    366
    
    
    
    1,331,925
    
    
    
    0.69Grains
    
    
    436
    
    
    
    385,116
    
    
    
    0.20Indices
    
    
    152
    
    
    
    243,878
    
    
    
    0.12Interest Rates U.S.
    
    
    1,486
    
    
    
    (139,875
    )
    
    
    (0.07
    )Interest Rates Non-U.S.
    
    
    487
    
    
    
    (95,563
    )
    
    
    (0.05
    )Livestock
    
    
    331
    
    
    
    811,000
    
    
    
    0.42Metals
    
    
    34
    
    
    
    15,949
    
    
    
    0.01Softs
    
    
    210
    
    
    
    (227,436
    )
    
    
    (0.12
    )Total futures contracts purchased
    
    
    
    
    
    
    2,580,126
    
    
    
    1.33Futures
Contracts SoldCurrencies
    
    
    122
    
    
    
    (82,120
    )
    
    
    (0.04
    )Energy
    
    
    226
    
    
    
    (586,786
    )
    
    
    (0.30
    )Grains
    
    
    265
    
    
    
    118,383
    
    
    
    0.06Indices
    
    
    118
    
    
    
    (504,298
    )
    
    
    (0.26
    )Interest Rates U.S.
    
    
    157
    
    
    
    33,667
    
    
    
    0.02Interest Rates Non-U.S.
    
    
    324
    
    
    
    128,346
    
    
    
    0.06Livestock
    
    
    242
    
    
    
    (676,230
    )
    
    
    (0.35
    )Metals
    
    
    8
    
    
    
    (17,337
    )
    
    
    (0.01
    )Softs
    
    
    132
    
    
    
    290,109
    
    
    
    0.15Total futures contracts sold
    
    
    
    
    
    
    (1,296,266
    )
    
    
    (0.67
    )Unrealized Appreciation on Open Forward ContractsCurrencies
    
    $
    132,865,599
    
    
    
    1,956,590
    
    
    
    1.01Metals
    
    
    455
    
    
    
    1,472,745
    
    
    
    0.76Total unrealized appreciation on open forward contracts
    
    
    
    
    
    
    3,429,335
    
    
    
    1.77Unrealized Depreciation on Open Forward ContractsCurrencies
    
    $
    124,787,967
    
    
    
    (1,745,161
    )
    
    
    (0.90
    )Metals
    
    
    411
    
    
    
    (1,472,379
    )
    
    
    (0.76
    )Total unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (3,217,540
    )
    
    
    (1.66
    )Options
PurchasedCallsMetals
    
    
    271
    
    
    
    747,680
    
    
    
    0.39PutsGrains
    
    
    6
    
    
    
    356
    
    
    
    0.00
    *Softs
    
    
    81
    
    
    
    144,120
    
    
    
    0.07Total options purchased
    
    
    
    
    
    
    892,156
    
    
    
    0.46Options
Premium ReceivedCallsMetals
    
    
    92
    
    
    
    (28,940
    )
    
    
    (0.01
    )PutsGrains
    
    
    6
    
    
    
    (113
    )
    
    
    (0.00
    )*Total options premium received
    
    
    
    
    
    
    (29,053
    )
    
    
    (0.01
    )Investment in FundsCMF Altis Partners Master Fund L.P.
    
    
    
    
    
    
    10,570,079
    
    
    
    5.46CMF Sasco Master Fund L.P.
    
    
    
    
    
    
    16,032,181
    
    
    
    8.29Waypoint Master Fund L.P.
    
    
    
    
    
    
    19,799,346
    
    
    
    10.24Blackwater Master Fund L.P.
    
    
    
    
    
    
    24,247,798
    
    
    
    12.54PGR Master Fund L.P.
    
    
    
    
    
    
    20,627,846
    
    
    
    10.67JEM Master Fund L.P.
    
    
    
    
    
    
    23,134,406
    
    
    
    11.96CMF Cirrus Master Fund L.P.
    
    
    
    
    
    
    22,585,284
    
    
    
    11.68Total investment in Funds
    
    
    
    
    
    
    136,996,940
    
    
    
    70.84Net fair value
    
    
    
    
    
    $
    139,355,698
    
    
    
    72.06
    %
 
 *
    
    Due to rounding.  4




---



##### 



Emerging CTA Portfolio L.P.
Condensed Schedule of Investments
December 31, 2010
 Notional ($)/Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
Contracts PurchasedCurrencies
    
    
    200
    
    
    $
    313,957
    
    
    
    0.17
    %Energy
    
    
    62
    
    
    
    233,896
    
    
    
    0.13Grains
    
    
    250
    
    
    
    538,738
    
    
    
    0.29Indices
    
    
    163
    
    
    
    16,869
    
    
    
    0.01Interest Rates U.S.
    
    
    592
    
    
    
    135,855
    
    
    
    0.07Interest Rates Non-U.S.
    
    
    640
    
    
    
    125,143
    
    
    
    0.07Livestock
    
    
    214
    
    
    
    259,202
    
    
    
    0.14Metals
    
    
    75
    
    
    
    315,525
    
    
    
    0.17Softs
    
    
    66
    
    
    
    18,323
    
    
    
    0.01Total futures contracts purchased
    
    
    
    
    
    
    1,957,508
    
    
    
    1.06Futures
Contracts SoldCurrencies
    
    
    114
    
    
    
    (56,972
    )
    
    
    (0.03
    )Energy
    
    
    159
    
    
    
    (55,211
    )
    
    
    (0.03
    )Grains
    
    
    75
    
    
    
    (191,587
    )
    
    
    (0.10
    )Indices
    
    
    97
    
    
    
    156,446
    
    
    
    0.09Interest Rates U.S.
    
    
    6
    
    
    
    25
    
    
    
    0.00
    *Interest Rates Non-U.S.
    
    
    22
    
    
    
    7,402
    
    
    
    0.00
    *Livestock
    
    
    170
    
    
    
    (207,591
    )
    
    
    (0.11
    )Softs
    
    
    115
    
    
    
    (93,801
    )
    
    
    (0.05
    )Total futures contracts sold
    
    
    
    
    
    
    (441,289
    )
    
    
    (0.23
    )Unrealized Appreciation on Open Forward ContractsCurrencies
    
    $
    76,652,847
    
    
    
    1,610,313
    
    
    
    0.88Metals
    
    
    92
    
    
    
    805,081
    
    
    
    0.44Total unrealized appreciation on open forward contracts
    
    
    
    
    
    
    2,415,394
    
    
    
    1.32Unrealized Depreciation on Open Forward ContractsCurrencies
    
    $
    69,670,836
    
    
    
    (1,639,341
    )
    
    
    (0.89
    )Metals
    
    
    88
    
    
    
    (756,788
    )
    
    
    (0.41
    )Total unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (2,396,129
    )
    
    
    (1.30
    )Options
PurchasedCallsEnergy
    
    
    106
    
    
    
    295,740
    
    
    
    0.16Metals
    
    
    109
    
    
    
    574,070
    
    
    
    0.31Softs
    
    
    11
    
    
    
    31,416
    
    
    
    0.02Total options purchased
    
    
    
    
    
    
    901,226
    
    
    
    0.49Investment in FundsCMF Altis Partners Master Fund L.P.
    
    
    
    
    
    
    17,568,791
    
    
    
    9.57CMF Sasco Master Fund L.P.
    
    
    
    
    
    
    18,664,413
    
    
    
    10.17Waypoint Master Fund L.P.
    
    
    
    
    
    
    21,455,619
    
    
    
    11.69Blackwater Master Fund L.P.
    
    
    
    
    
    
    20,047,327
    
    
    
    10.92PGR Master Fund L.P.
    
    
    
    
    
    
    15,273,707
    
    
    
    8.32Total investment in Funds
    
    
    
    
    
    
    93,009,857
    
    
    
    50.67Net fair value
    
    
    
    
    
    $
    95,446,567
    
    
    
    52.01
    %
 
 *
    
    Due to rounding.  5




---



##### 



Emerging CTA Portfolio L.P.
 
 Statements of Income and Expenses and Changes in Partners Capital
(Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010Investment Income:Interest income
    
    $
    14,284
    
    
    $
    13,402Interest income from investment in Funds
    
    
    32,198
    
    
    
    12,067Total investment income
    
    
    46,482
    
    
    
    25,469Expenses:Brokerage fees including clearing fees
    
    
    2,042,893
    
    
    
    1,693,330Management fees
    
    
    853,416
    
    
    
    837,333Administrative fees
    
    
    240,335
    
    
    
    209,333Incentive fees
    
    
    119,461
    
    
    
    115,578Other
    
    
    137,521
    
    
    
    165,210Total expenses
    
    
    3,393,626
    
    
    
    3,020,784Net investment income (loss)
    
    
    (3,347,144
    )
    
    
    (2,995,315
    )Trading Results:Net gains (losses) on trading of commodity interests and
investment in Funds:Net realized gains (losses) on closed contracts
    
    
    (615,614
    )
    
    
    (2,611,442
    )Net realized gains (losses) on investment in Funds
    
    
    1,905,764
    
    
    
    (946,413
    )Change in net unrealized gains (losses) on open contracts
    
    
    63,465
    
    
    
    2,327,587Change in net unrealized gains (losses) on investment in Funds
    
    
    (3,312,682
    )
    
    
    4,590,105Total trading results
    
    
    (1,959,067
    )
    
    
    3,359,837Net income (loss)
    
    
    (5,306,211
    )
    
    
    364,522Subscriptions  Limited Partners
    
    
    20,606,111
    
    
    
    12,618,000Redemptions  Limited Partners
    
    
    (5,448,429
    )
    
    
    (10,118,927
    )Net increase (decrease) in Partners Capital
    
    
    9,851,471
    
    
    
    2,863,595Partners Capital, beginning of period
    
    
    183,525,601
    
    
    
    166,705,672Partners Capital, end of period
    
    $
    193,377,072
    
    
    $
    169,569,267Net asset value per unit (134,361.6924 and 120,312.1145 units
outstanding at March 31, 2011 and 2010, respectively)
    
    $
    1,439.23
    
    
    $
    1,409.41Net income (loss) per unit*
    
    $
    (40.37
    )
    
    $
    3.03Weighted average units outstanding
    
    
    132,363.8128
    
    
    
    121,555.9118
 
 *
    
    Based on change in net asset value per unit.  6




---



##### 



Emerging CTA Portfolio L.P.
 
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 1. General:
         7




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 2. Financial Highlights:
  Three Months EndedMarch 31,2011
    
    
    2010Net realized and unrealized gains (losses) *
    
    $
    (30.46
    )
    
    $
    13.74Interest income
    
    
    0.35
    
    
    
    0.21Expenses **
    
    
    (10.26
    )
    
    
    (10.92
    )Increase (decrease) for the period
    
    
    (40.37
    )
    
    
    3.03Net asset value per unit, beginning of period
    
    
    1,479.60
    
    
    
    1,406.38Net asset value per unit, end of period
    
    $
    1,439.23
    
    
    $
    1,409.41
 
 *
    
    Includes brokerage fees and clearing fees.**
    
    Excludes brokerage fees and clearing fees. Three Months EndedMarch 31,2011
    
    
    2010Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.0
    )%
    
    
    (7.1
    )%Operating expenses
    
    
    7.1
    %
    
    
    7.2
    %Incentive fees
    
    
    0.1
    %
    
    
    0.1
    %Total expenses
    
    
    7.2
    %
    
    
    7.3
    %Total return:Total return before incentive fees
    
    
    (2.7
    )%
    
    
    0.3
    %Incentive fees
    
    
    
    %*****
    
    
    (0.1
    )%Total return after incentive fees
    
    
    (2.7
    )%
    
    
    0.2
    %
 
 ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses.*****
    
    Due to rounding.  3. Trading Activities:
     8




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
  March 31, 2011AssetsFutures
ContractsCurrencies
    
    $
    297,843Energy
    
    
    1,337,775Grains
    
    
    871,937Indices
    
    
    256,589Interest Rates Non-U.S.
    
    
    180,664Interest Rates U.S.
    
    
    111,188Livestock
    
    
    811,400Metals
    
    
    41,014Softs
    
    
    330,482Total unrealized appreciation on open futures contracts
    
    $
    4,238,892LiabilitiesFutures
ContractsCurrencies
    
    $
    (124,831
    )Energy
    
    
    (592,636
    )Grains
    
    
    (368,438
    )Indices
    
    
    (517,008
    )Interest Rates Non-U.S.
    
    
    (147,881
    )Interest Rates U.S.
    
    
    (217,396
    )Livestock
    
    
    (676,630
    )Metals
    
    
    (42,403
    )Softs
    
    
    (267,809
    )Total unrealized depreciation on open futures contracts
    
    $
    (2,955,032
    )Net unrealized appreciation on open futures contracts
    
    $
    1,283,860
    *
 
 *
    
    This amount is in Net unrealized appreciation on open futures contracts on the
Statements of Financial Condition. March 31, 2011AssetsForward
ContractsCurrencies
    
    $
    1,956,590Metals
    
    
    1,472,745Total unrealized appreciation on open forward contracts
    
    $
    3,429,335LiabilitiesForward
ContractsCurrencies
    
    $
    (1,745,161
    )Metals
    
    
    (1,472,379
    )Total unrealized depreciation on open forward contracts
    
    $
    (3,217,540
    )Net unrealized appreciation on open forward contracts
    
    $
    211,795
    **
 
 **
    
    This amount is in Net unrealized appreciation on open forward contracts on the
Statements of Financial Condition. March 31, 2011AssetsOptions
PurchasedGrains
    
    $
    356Metals
    
    
    747,680Softs
    
    
    144,120Total options purchased
    
    $
    892,156
    ***LiabilitiesOptions
Premium ReceivedGrains
    
    $
    (113
    )Metals
    
    
    (28,940
    )Total options premium received
    
    $
    (29,053
    )****
 
 ***
    
    This amount is in Options purchased, at fair value on the Statements of Financial
Condition.****
    
    This amount is in Options premium received, at fair value on the Statements of Financial
Condition. 9




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 December 31, 2010AssetsFutures
ContractsCurrencies
    
    $
    423,873Energy
    
    
    282,296Grains
    
    
    552,787Indices
    
    
    223,941Interest Rates Non-U.S
    
    
    151,118Interest Rates U.S.
    
    
    169,390Livestock
    
    
    259,202Metals
    
    
    315,525Softs
    
    
    43,918Total unrealized appreciation on open futures contracts
    
    $
    2,422,050LiabilitiesFutures
ContractsCurrencies
    
    $
    (166,888
    )Energy
    
    
    (103,611
    )Grains
    
    
    (205,637
    )Indices
    
    
    (50,626
    )Interest Rates Non-U.S
    
    
    (18,572
    )Interest Rates U.S.
    
    
    (33,510
    )Livestock
    
    
    (207,591
    )Softs
    
    
    (119,396
    )Total unrealized depreciation on open futures contracts
    
    
    (905,831
    )Net unrealized appreciation on open futures contracts
    
    $
    1,516,219
    *
 
 *
    
    This amount is in Net unrealized appreciation on open futures contracts on the Statements
of Financial Condition. December 31, 2010AssetsForward
ContractsCurrencies
    
    $
    1,610,313Metals
    
    
    805,081Total unrealized appreciation on open forward contracts
    
    $
    2,415,394LiabilitiesForward
ContractsCurrencies
    
    $
    (1,639,341
    )Metals
    
    
    (756,788
    )Total unrealized depreciation on open forward contracts
    
    
    (2,396,129
    )Net unrealized appreciation on open forward contracts
    
    $
    19,265
    **
 
 **
    
    This amount is in Net unrealized appreciation on open forward contracts on the
Statements of Financial Condition. December 31, 2010AssetsOptions
PurchasedEnergy
    
    $
    295,740Metals
    
    
    574,070Softs
    
    
    31,416Total options purchased
    
    $
    901,226
    ***
 
 ***
    
    This amount is in Options purchased, at fair value on the Statements of Financial
Condition. 10




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
  Three Months EndedMarch 31,Sector
    
    2011
    
    
    2010Currencies
    
    $
    (500,408
    )
    
    $
    (1,290,781
    )Energy
    
    
    376,329
    
    
    
    (778,392
    )Grains
    
    
    491,121
    
    
    
    493,596Indices
    
    
    (1,044,871
    )
    
    
    (70,139
    )Interest Rates U.S.
    
    
    (47,415
    )
    
    
    (583,632
    )Interest Rates Non-U.S.
    
    
    (458,286
    )
    
    
    1,047,888Livestock
    
    
    (305,846
    )
    
    
    (182,093
    )Metals
    
    
    387,102
    
    
    
    620,966Softs
    
    
    550,125
    
    
    
    458,732Total
    
    $
    (552,149
    )
    
    $
    (283,855
    )
 4. Fair Value Measurements:
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
    11




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable InputsMarch 31, 2011
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Funds
    
    $
    136,996,940
    
    
    $
    
    
    
    $
    136,996,940
    
    
    $
    Futures
    
    
    4,238,892
    
    
    
    4,238,892
    
    
    
    
    
    
    
    Forwards
    
    
    3,429,335
    
    
    
    1,472,745
    
    
    
    1,956,590
    
    
    
    Options purchased
    
    
    892,156
    
    
    
    892,156
    
    
    
    
    
    
    
    Total assets
    
    
    145,557,323
    
    
    
    6,603,793
    
    
    
    138,953,530
    
    
    
    LiabilitiesFutures
    
    $
    2,955,032
    
    
    $
    2,955,032
    
    
    $
    
    
    
    $
    Forwards
    
    
    3,217,540
    
    
    
    1,472,379
    
    
    
    1,745,161
    
    
    
    Options premium received
    
    
    29,053
    
    
    
    29,053
    
    
    
    
    
    
    
    Total liabilities
    
    
    6,201,625
    
    
    
    4,456,464
    
    
    
    1,745,161
    
    
    
    Net fair value
    
    $
    139,355,698
    
    
    $
    2,147,329
    
    
    $
    137,208,369
    
    
    $
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable InputsDecember 31, 2010*
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Funds
    
    $
    93,009,857
    
    
    $
    
    
    
    $
    93,009,857
    
    
    $
    Futures
    
    
    2,422,050
    
    
    
    2,422,050
    
    
    
    
    
    
    
    Forwards
    
    
    2,415,394
    
    
    
    805,081
    
    
    
    1,610,313
    
    
    
    Options purchased
    
    
    901,226
    
    
    
    901,226
    
    
    
    
    
    
    
    Total assets
    
    
    98,748,527
    
    
    
    4,128,357
    
    
    
    94,620,170
    
    
    
    LiabilitiesFutures
    
    $
    905,831
    
    
    $
    905,831
    
    
    $
    
    
    
    $
    Forwards
    
    
    2,396,129
    
    
    
    756,788
    
    
    
    1,639,341
    
    
    
    Total liabilities
    
    
    3,301,960
    
    
    
    1,662,619
    
    
    
    1,639,341
    
    
    
    Net fair value
    
    $
    95,446,567
    
    
    $
    2,465,738
    
    
    $
    92,980,829
    
    
    $
    
 
 *
    
    The amounts have been reclassified from the December 31, 2010 prior year financial statements to
conform to current year presentation based on new fair value guidance. 5. Investment in Funds:
    12




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
           13




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
  March 31, 2011Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    49,421,811
    
    
    $
    490,934
    
    
    $
    48,930,877Sasco Master
    
    
    109,008,174
    
    
    
    6,899,009
    
    
    
    102,109,165Waypoint Master
    
    
    39,176,243
    
    
    
    71,071
    
    
    
    39,105,172Blackwater Master
    
    
    30,230,892
    
    
    
    36,968
    
    
    
    30,193,924PGR Master
    
    
    27,797,437
    
    
    
    43,941
    
    
    
    27,753,496JEM Master
    
    
    23,142,222
    
    
    
    9,000
    
    
    
    23,133,222Cirrus Master
    
    
    26,677,107
    
    
    
    9,000
    
    
    
    26,668,107Total
    
    $
    305,453,886
    
    
    $
    7,559,923
    
    
    $
    297,893,963
 December 31, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    64,276,767
    
    
    $
    591,256
    
    
    $
    63,685,511Sasco Master
    
    
    81,882,294
    
    
    
    198,664
    
    
    
    81,683,630Waypoint Master
    
    
    41,306,976
    
    
    
    59,330
    
    
    
    41,247,646Blackwater Master
    
    
    25,966,821
    
    
    
    28,810
    
    
    
    25,938,011PGR Master
    
    
    20,415,391
    
    
    
    28,810
    
    
    
    20,386,581Total
    
    $
    233,848,249
    
    
    $
    906,870
    
    
    $
    232,941,379
  For the three months ended March 31, 2011Net Investment
    
    
    Total Trading
    
    
    Net IncomeIncome (Loss)
    
    
    Results
    
    
    (Loss)Altis Master
    
    $
    (53,257
    )
    
    $
    (8,102,603
    )
    
    $
    (8,155,860
    )Sasco Master
    
    
    (369,953
    )
    
    
    (2,250,744
    )
    
    
    (2,620,697
    )Waypoint Master
    
    
    (64,415
    )
    
    
    (1,606,979
    )
    
    
    (1,671,394
    )Blackwater Master
    
    
    (27,505
    )
    
    
    1,020,708
    
    
    
    993,203PGR Master
    
    
    (27,411
    )
    
    
    591,465
    
    
    
    564,054JEM Master
    
    
    (105,156
    )
    
    
    (187,170
    )
    
    
    (292,326
    )Cirrus Master
    
    
    (19,809
    )
    
    
    661,782
    
    
    
    641,973Total
    
    $
    (667,506
    )
    
    $
    (9,873,541
    )
    
    $
    (10,541,047
    )For the three months ended March 31, 2010Net Investment
    
    
    Total Trading
    
    
    Net IncomeIncome (Loss)
    
    
    Results
    
    
    (Loss)Altis Master
    
    $
    (39,025
    )
    
    $
    2,136,066
    
    
    $
    2,097,041Avant Master
    
    
    (23,527
    )
    
    
    618,730
    
    
    
    595,203Sasco Master
    
    
    (240,581
    )
    
    
    2,912,728
    
    
    
    2,672,147Waypoint Master
    
    
    (11,498
    )
    
    
    573,053
    
    
    
    561,555Total
    
    $
    (314,631
    )
    
    $
    6,240,577
    
    
    $
    5,925,946
  March 31, 2011
    
    
    For the three months ended March 31, 2011% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    RedemptionFunds
    
    Net Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    PermittedAltis Master
    
    
    5.46
    %
    
    $
    10,570,079
    
    
    $
    (1,878,531
    )
    
    $
    11,568
    
    
    $
    4,027
    
    
    $
    (1,894,126
    )
    
    Commodity Portfolio
    
    MonthlySasco Master
    
    
    8.29
    %
    
    
    16,032,181
    
    
    
    (308,193
    )
    
    
    60,195
    
    
    
    8,736
    
    
    
    (377,124
    )
    
    Energy  Portfolio
    
    MonthlyWaypoint Master
    
    
    10.24
    %
    
    
    19,799,346
    
    
    
    (807,200
    )
    
    
    25,907
    
    
    
    11,060
    
    
    
    (844,167
    )
    
    Commodity Portfolio
    
    MonthlyBlackwater Master
    
    
    12.54
    %
    
    
    24,247,798
    
    
    
    784,016
    
    
    
    13,121
    
    
    
    13,282
    
    
    
    757,613
    
    
    Commodity Portfolio
    
    MonthlyPGR Master
    
    
    10.67
    %
    
    
    20,627,846
    
    
    
    451,151
    
    
    
    5,842
    
    
    
    17,762
    
    
    
    427,547
    
    
    Commodity Portfolio
    
    MonthlyJEM Master
    
    
    11.96
    %
    
    
    23,134,406
    
    
    
    (182,227
    )
    
    
    101,099
    
    
    
    9,000
    
    
    
    (292,326
    )
    
    Commodity Portfolio
    
    MonthlyCirrus Master
    
    
    11.68
    %
    
    
    22,585,284
    
    
    
    566,264
    
    
    
    14,597
    
    
    
    7,626
    
    
    
    544,041
    
    
    Energy  Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    136,996,940
    
    
    $
    (1,374,720
    )
    
    $
    232,329
    
    
    $
    71,493
    
    
    $
    (1,678,542
    )
 14




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 December 31, 2010
    
    
    For the three months ended March 31, 2010% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    RedemptionFunds
    
    Net Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    PermittedAltis Master
    
    
    9.57
    %
    
    $
    17,568,791
    
    
    $
    732,462
    
    
    $
    12,988
    
    
    $
    4,069
    
    
    $
    715,405
    
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    
    
    
    
    
    
    
    
    620,526
    
    
    
    5,237
    
    
    
    20,086
    
    
    
    595,203
    
    
    Energy Portfolio
    
    MonthlySasco Master
    
    
    10.17
    %
    
    
    18,664,413
    
    
    
    1,894,258
    
    
    
    77,157
    
    
    
    82,723
    
    
    
    1,734,378
    
    
    Energy Portfolio
    
    MonthlyWaypoint Master
    
    
    11.69
    %
    
    
    21,455,619
    
    
    
    408,513
    
    
    
    6,097
    
    
    
    4,393
    
    
    
    398,023
    
    
    Commodity Portfolio
    
    MonthlyBlackwater Master
    
    
    10.92
    %
    
    
    20,047,327
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commodity Portfolio
    
    MonthlyPGR Master
    
    
    8.32
    %
    
    
    15,273,707
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    93,009,857
    
    
    $
    3,655,759
    
    
    $
    101,479
    
    
    $
    111,271
    
    
    $
    3,443,009
 6. Financial Instrument Risks:
       15




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
   7. Critical Accounting Policies
 Use of Estimates.
 Partnerships and Funds Investments.
 Partnerships and Funds Fair Value Measurements.
    Futures
Contracts.
 16




---



##### 



Emerging CTA Portfolio L.P.
 Notes to Financial Statements
March 31, 2011
(Unaudited)
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
 Options.
 Income Taxes.
   Subsequent Events.
 Net Income (Loss) per unit.
 17




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
    Critical Accounting Policies
   Results of Operations
    18




---



##### 



19




---



##### 



Item 3. Quantitative and Qualitative Disclosures about Market Risk
         March 31, 2011
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    7,966,650
    
    
    
    4.12
    %Energy
    
    
    2,523,712
    
    
    
    1.30
    %Grains
    
    
    618,164
    
    
    
    0.32
    %Indices
    
    
    1,974,215
    
    
    
    1.02
    %Interest Rates U.S.
    
    
    1,779,359
    
    
    
    0.92
    %Interest Rates Non-U.S.
    
    
    1,649,399
    
    
    
    0.85
    %Livestock
    
    
    504,783
    
    
    
    0.26
    %Lumber
    
    
    2,592
    
    
    
    0.00
    %*Metals
    
    
    2,065,601
    
    
    
    1.07
    %Softs
    
    
    957,802
    
    
    
    0.50
    %Total
    
    $
    20,042,277
    
    
    
    10.36
    %
 
 *
    
    Due to rounding 20




---



##### 



December 31, 2010
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    3,742,488
    
    
    
    2.05
    %Energy
    
    
    3,712,642
    
    
    
    2.02
    %Grains
    
    
    610,757
    
    
    
    0.33
    %Indices
    
    
    3,061,953
    
    
    
    1.67
    %Interest Rates U.S.
    
    
    653,137
    
    
    
    0.36
    %Interest Rates Non-U.S.
    
    
    1,216,750
    
    
    
    0.66
    %Livestock
    
    
    268,789
    
    
    
    0.15
    %Lumber
    
    
    1,435
    
    
    
    0.00
    %*Metals
    
    
    1,427,354
    
    
    
    0.78
    %Softs
    
    
    756,573
    
    
    
    0.41
    %Total
    
    $
    15,451,878
    
    
    
    8.43
    %
 
 *
    
    Due to rounding   March 31, 2011
 Three months ended March 31, 2011Value at
    
    
    % of Total
    
    
    High
    
    
    Low
    
    
    Average ValueMarket Sector
    
    Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    at Risk*Currencies
    
    $
    2,191,443
    
    
    
    1.13
    %
    
    $
    2,655,434
    
    
    $
    1,266,734
    
    
    $
    2,048,117Energy
    
    
    713,480
    
    
    
    0.37
    %
    
    
    804,337
    
    
    
    260,253
    
    
    
    657,742Grains
    
    
    435,130
    
    
    
    0.22
    %
    
    
    651,925
    
    
    
    113,300
    
    
    
    406,827Indices
    
    
    1,149,722
    
    
    
    0.60
    %
    
    
    2,523,159
    
    
    
    893,439
    
    
    
    1,418,348Interest Rates U.S.
    
    
    1,062,657
    
    
    
    0.55
    %
    
    
    1,154,807
    
    
    
    734,800
    
    
    
    920,069Interest Rates Non-U.S.
    
    
    640,198
    
    
    
    0.33
    %
    
    
    882,250
    
    
    
    414,631
    
    
    
    640,988Livestock
    
    
    188,000
    
    
    
    0.10
    %
    
    
    215,275
    
    
    
    118,525
    
    
    
    167,850Metals
    
    
    1,543,933
    
    
    
    0.80
    %
    
    
    1,641,692
    
    
    
    295,664
    
    
    
    1,032,922Softs
    
    
    694,183
    
    
    
    0.36
    %
    
    
    694,183
    
    
    
    238,619
    
    
    
    548,728Total
    
    $
    8,618,746
    
    
    
    4.46
    %
 
 *
    
    Average of month-end Values at Risk.  December 31, 2010
 Twelve months ended December 31, 2010Value at
    
    
    % of Total
    
    
    High
    
    
    Low
    
    
    Average ValueMarket Sector
    
    Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    at Risk*Currencies
    
    $
    1,070,681
    
    
    
    0.58
    %
    
    $
    8,643,224
    
    
    $
    1,620,748
    
    
    $
    2,949,106Energy
    
    
    756,948
    
    
    
    0.41
    %
    
    
    1,430,685
    
    
    
    440,556
    
    
    
    761,191Grains
    
    
    318,900
    
    
    
    0.17
    %
    
    
    738,061
    
    
    
    180,375
    
    
    
    346,994Indices
    
    
    1,200,793
    
    
    
    0.66
    %
    
    
    2,979,873
    
    
    
    798,017
    
    
    
    1,950,676Interest Rates U.S.
    
    
    499,400
    
    
    
    0.27
    %
    
    
    1,930,750
    
    
    
    288,485
    
    
    
    942,116Interest Rates Non-U.S.
    
    
    571,973
    
    
    
    0.31
    %
    
    
    3,055,102
    
    
    
    281,406
    
    
    
    1,478,558Livestock
    
    
    145,900
    
    
    
    0.08
    %
    
    
    268,450
    
    
    
    32,850
    
    
    
    111,777Metals
    
    
    779,984
    
    
    
    0.43
    %
    
    
    1,077,058
    
    
    
    286,188
    
    
    
    619,746Softs
    
    
    476,838
    
    
    
    0.26
    %
    
    
    690,412
    
    
    
    192,635
    
    
    
    402,287Total
    
    $
    5,821,417
    
    
    
    3.17
    %
 
 *
    
    Annual average of month-end Values at Risk. 21




---



##### 



March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,552,902
    
    
    
    3.17
    %
    
    $
    3,359,482
    
    
    $
    646,682
    
    
    $
    1,468,005Energy
    
    
    509,312
    
    
    
    1.04
    %
    
    
    1,728,561
    
    
    
    454,647
    
    
    
    981,848Grains
    
    
    493,347
    
    
    
    1.01
    %
    
    
    716,615
    
    
    
    294,622
    
    
    
    501,395Indices
    
    
    1,475,800
    
    
    
    3.03
    %
    
    
    1,470,800
    
    
    
    470,802
    
    
    
    1,036,164Interest Rates U.S.
    
    
    290,766
    
    
    
    0.59
    %
    
    
    423,005
    
    
    
    220,904
    
    
    
    311,558Interest Rates Non -U.S.
    
    
    731,077
    
    
    
    1.49
    %
    
    
    983,810
    
    
    
    332,852
    
    
    
    682,580Livestock
    
    
    59,800
    
    
    
    0.12
    %
    
    
    106,850
    
    
    
    21,625
    
    
    
    90,900Lumber
    
    
    12,000
    
    
    
    0.02
    %
    
    
    12,000
    
    
    
    800
    
    
    
    4,933Metals
    
    
    785,441
    
    
    
    1.61
    %
    
    
    1,298,785
    
    
    
    729,575
    
    
    
    954,265Softs
    
    
    437,692
    
    
    
    0.89
    %
    
    
    785,580
    
    
    
    374,414
    
    
    
    560,578Total
    
    $
    6,348,137
    
    
    
    12.97
    %
 
 *
    
    Average of month-end Values at Risk.  December 31, 2010
 Twelve months ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    3,113,522
    
    
    
    4.89
    %
    
    $
    3,481,070
    
    
    $
    143,363
    
    
    $
    2,231,735Energy
    
    
    1,077,195
    
    
    
    1.69
    %
    
    
    2,479,469
    
    
    
    236,868
    
    
    
    1,086,124Grains
    
    
    483,876
    
    
    
    0.76
    %
    
    
    915,463
    
    
    
    136,257
    
    
    
    435,755Indices
    
    
    1,251,469
    
    
    
    1.97
    %
    
    
    7,740,340
    
    
    
    220,942
    
    
    
    2,503,689Interest Rates U.S.
    
    
    191,408
    
    
    
    0.30
    %
    
    
    1,193,750
    
    
    
    110,116
    
    
    
    570,835Interest Rates Non -U.S.
    
    
    733,663
    
    
    
    1.15
    %
    
    
    1,849,973
    
    
    
    183,212
    
    
    
    1,000,258Livestock
    
    
    107,232
    
    
    
    0.17
    %
    
    
    170,400
    
    
    
    22,320
    
    
    
    82,718Lumber
    
    
    5,200
    
    
    
    0.01
    %
    
    
    27,500
    
    
    
    1,100
    
    
    
    9,287Metals
    
    
    1,079,175
    
    
    
    1.69
    %
    
    
    2,589,641
    
    
    
    241,177
    
    
    
    1,152,447Softs
    
    
    747,574
    
    
    
    1.17
    %
    
    
    937,879
    
    
    
    199,670
    
    
    
    499,464Total
    
    $
    8,790,314
    
    
    
    13.80
    %
 
 *
    
    Annual average of month-end Values at Risk.  March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    9,038,644
    
    
    
    8.85
    %
    
    $
    23,105,575
    
    
    $
    9,038,644
    
    
    $
    17,056,663Totals
    
    $
    9,038,644
    
    
    
    8.85
    %
 
 *
    
    Average of month-end Values at Risk. 22




---



##### 



December 31, 2010
 Twelve months ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    9,618,175
    
    
    
    11.77
    %
    
    $
    16,002,038
    
    
    $
    2,149,045
    
    
    $
    10,344,808Totals
    
    $
    9,618,175
    
    
    
    11.77
    %
 
 *
    
    Annual average of month-end Values at Risk.  March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    7,828,647
    
    
    
    20.01
    %
    
    $
    10,064,603
    
    
    $
    2,910,415
    
    
    $
    6,548,633Energy
    
    
    109,000
    
    
    
    0.28
    %
    
    
    195,000
    
    
    
    45,000
    
    
    
    89,333Interest Rates U.S.
    
    
    170,500
    
    
    
    0.44
    %
    
    
    502,450
    
    
    
    30,400
    
    
    
    145,783Interest Rates Non-U.S.
    
    
    924,273
    
    
    
    2.36
    %
    
    
    1,369,739
    
    
    
    330,677
    
    
    
    840,248Metals
    
    
    120,024
    
    
    
    0.31
    %
    
    
    197,750
    
    
    
    70,014
    
    
    
    121,691Softs
    
    
    62,100
    
    
    
    0.16
    %
    
    
    89,700
    
    
    
    54,000
    
    
    
    68,600Total
    
    $
    9,214,544
    
    
    
    23.56
    %
 
 *
    
    Average of month-end Values at Risk.  December 31, 2010
 For
the period ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,878,430
    
    
    
    4.55
    %
    
    $
    11,817,974
    
    
    $
    633,809
    
    
    $
    5,198,266Indices
    
    
    901,236
    
    
    
    2.18
    %
    
    
    1,613,660
    
    
    
    100,993
    
    
    
    790,428Metals
    
    
    80,750
    
    
    
    0.20
    %
    
    
    216,436
    
    
    
    31,500
    
    
    
    66,207Total
    
    $
    2,860,416
    
    
    
    6.93
    %
 
 *
    
    For the period March 1, 2010 (commencement of trading
operations) to December 31, 2010 average of month-end Values at Risk. 23




---



##### 



March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    164,135
    
    
    
    0.59
    %
    
    $
    265,514
    
    
    $
    125,948
    
    
    $
    205,315Energy
    
    
    285,258
    
    
    
    1.03
    %
    
    
    302,794
    
    
    
    173,242
    
    
    
    244,413Grains
    
    
    70,500
    
    
    
    0.25
    %
    
    
    133,500
    
    
    
    52,500
    
    
    
    89,333Indices
    
    
    562,023
    
    
    
    2.03
    %
    
    
    837,150
    
    
    
    372,931
    
    
    
    658,492Interest Rates U.S.
    
    
    207,450
    
    
    
    0.75
    %
    
    
    207,450
    
    
    
    132,200
    
    
    
    161,282Interest Rates Non-U.S.
    
    
    346,720
    
    
    
    1.25
    %
    
    
    346,720
    
    
    
    108,867
    
    
    
    214,136Livestock
    
    
    9,600
    
    
    
    0.03
    %
    
    
    9,600
    
    
    
    6,000
    
    
    
    8,867Metals
    
    
    185,269
    
    
    
    0.67
    %
    
    
    230,771
    
    
    
    134,516
    
    
    
    179,933Softs
    
    
    97,864
    
    
    
    0.35
    %
    
    
    134,013
    
    
    
    70,400
    
    
    
    100,477Total
    
    $
    1,928,819
    
    
    
    6.95
    %
 
 *
    
    Average of month-end Values at Risk.  December 31, 2010
 For
the period ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    183,120
    
    
    
    0.90
    %
    
    $
    183,120
    
    
    $
    103,066
    
    
    $
    154,058Energy
    
    
    252,600
    
    
    
    1.24
    %
    
    
    252,600
    
    
    
    107,024
    
    
    
    195,337Grains
    
    
    111,250
    
    
    
    0.54
    %
    
    
    111,250
    
    
    
    43,750
    
    
    
    83,625Indices
    
    
    617,024
    
    
    
    3.03
    %
    
    
    621,232
    
    
    
    385,104
    
    
    
    524,198Interest Rates U.S.
    
    
    80,800
    
    
    
    0.40
    %
    
    
    141,150
    
    
    
    66,450
    
    
    
    81,150Interest Rates Non-U.S.
    
    
    180,603
    
    
    
    0.89
    %
    
    
    265,434
    
    
    
    135,161
    
    
    
    161,976Livestock
    
    
    10,000
    
    
    
    0.05
    %
    
    
    11,000
    
    
    
    6,000
    
    
    
    9,500Metals
    
    
    162,000
    
    
    
    0.79
    %
    
    
    162,000
    
    
    
    69,500
    
    
    
    125,875Softs
    
    
    98,003
    
    
    
    0.48
    %
    
    
    109,657
    
    
    
    57,757
    
    
    
    89,793Total
    
    $
    1,695,400
    
    
    
    8.32
    %
 
 *
    
    For the period November 1, 2010 (commencement of trading
operations) to December 31, 2010 average of month-end Values at Risk.  March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,689,331
    
    
    
    5.59
    %
    
    $
    1,689,331
    
    
    $
    511,332
    
    
    $
    1,014,939Energy
    
    
    17,500
    
    
    
    0.06
    %
    
    
    401,280
    
    
    
    16,250
    
    
    
    202,557Grains
    
    
    30,000
    
    
    
    0.10
    %
    
    
    223,000
    
    
    
    30,000
    
    
    
    95,667Indices
    
    
    539,237
    
    
    
    1.79
    %
    
    
    965,504
    
    
    
    312,761
    
    
    
    665,640Interest Rates U.S.
    
    
    186,850
    
    
    
    0.62
    %
    
    
    186,850
    
    
    
    168,549
    
    
    
    174,649Interest Rates Non-U.S.
    
    
    285,767
    
    
    
    0.95
    %
    
    
    482,249
    
    
    
    284,602
    
    
    
    385,830Livestock
    
    
    57,600
    
    
    
    0.19
    %
    
    
    125,000
    
    
    
    42,000
    
    
    
    74,867Metals
    
    
    353,858
    
    
    
    1.17
    %
    
    
    432,707
    
    
    
    86,599
    
    
    
    291,907Total
    
    $
    3,160,143
    
    
    
    10.47
    %
 
 *
    
    Average of month-end Values at Risk. 24




---



##### 



December 31, 2010
 For
the period ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    903,667
    
    
    
    3.48
    %
    
    $
    903,667
    
    
    $
    577,300
    
    
    $
    765,383Energy
    
    
    357,370
    
    
    
    1.38
    %
    
    
    508,250
    
    
    
    184,174
    
    
    
    350,610Grains
    
    
    97,000
    
    
    
    0.37
    %
    
    
    97,000
    
    
    
    30,000
    
    
    
    48,500Indices
    
    
    756,741
    
    
    
    2.92
    %
    
    
    1,256,105
    
    
    
    756,741
    
    
    
    941,241Interest Rates U.S.
    
    
    52,250
    
    
    
    0.20
    %
    
    
    171,550
    
    
    
    14,700
    
    
    
    33,475Interest Rates Non-U.S.
    
    
    397,172
    
    
    
    1.53
    %
    
    
    445,693
    
    
    
    86,447
    
    
    
    358,644Livestock
    
    
    111,000
    
    
    
    0.43
    %
    
    
    111,000
    
    
    
    40,000
    
    
    
    97,000Metals
    
    
    240,867
    
    
    
    0.93
    %
    
    
    346,947
    
    
    
    240,866
    
    
    
    283,148Total
    
    $
    2,916,067
    
    
    
    11.24
    %
 
 *
    
    For the period November 1, 2010 (commencement of trading
operations) to December 31, 2010 average of month-end Values at Risk.  March 31, 2011
 Three months ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    884,617
    
    
    
    3.82
    %
    
    $
    1,971,955
    
    
    $
    181,650
    
    
    $
    649,499Grains
    
    
    126,975
    
    
    
    0.55
    %
    
    
    311,775
    
    
    
    25,125
    
    
    
    183,233Livestock
    
    
    130,100
    
    
    
    0.56
    %
    
    
    231,350
    
    
    
    48,750
    
    
    
    92,533Softs
    
    
    656,600
    
    
    
    2.84
    %
    
    
    656,600
    
    
    
    13,750
    
    
    
    256,133Total
    
    $
    1,798,292
    
    
    
    7.77
    %
 
 *
    
    Average of month-end Values at Risk. 25




---



##### 



Item 4. Controls and Procedures
    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




---



##### 



PART II. OTHER INFORMATION
 Item 1. Legal Proceedings.
    Mutual Funds
    FINRA Settlement
  Auction Rate Securities
   27




---



##### 



Subprime Mortgage-Related Actions
    Credit Crisis Related Matters
    Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    (d) Maximum Number(or Approximate(c) Total Number



Dollar Value) of(a) Total







of Redeemable Units



Redeemable Units thatNumber of



(b) Average



Purchased as Part



May Yet BeRedeemable



Price Paid per



of Publicly Announced



Purchased Under thePeriod


Units Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsJanuary 1, 2011 -
    January 31, 2011



639.6178



$
1,452.07




N/A




N/AFebruary 1, 2011 -
February 28, 2011



1,609.2339



$
1,454.02




N/A




N/AMarch 1, 2011 -
March 31, 2011



1,514.5609



$
1,439.23




N/A




N/A3,763.4126



$
1,447.74 
 *
    
    Generally, limited partners are permitted to redeem their Redeemable Units as of the last day
of each month on three business days notice to the General Partner. Under certain
circumstances, the General Partner can compel redemption, although to date the General Partner
has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in
the chart above were made in the ordinary course of the Partnerships business in connection
with effecting redemptions for limited partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the net
asset value per Redeemable Unit as of that day. No fee will be charged for redemptions. Item 3. Defaults Upon Senior Securities. None.
 Item 4. [Removed and Reserved].
 Item 5. Other Information. None.
 28




---



##### 



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
    
    Second Amended and Restated Limited Partnership Agreement
(filed as Exhibit 3.2 to the Current Report on Form 8-K filed
on November 1, 2010 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, 2010 to June 30, 2011
(filed as Exhibit 10.1(b) on Form 10-K filed on March 31, 2011
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, 2010 to June
30, 2011 (filed as Exhibit 10.2(b) on Form 10-K filed on March
31, 2011 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, 2010 to
June 30, 2011 (filed as Exhibit 10.3(b) on Form 10-K filed on
March 31, 2011 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, 2010 to
June 30, 2011 (filed as Exhibit 10.4(b) on Form 10-K filed on
March 31, 2011 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, 2010 to June
30, 2011 (filed as Exhibit 10.6(b) on Form 10-K filed on March
31, 2011 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).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).
 29




---



##### 



(b)
    
    Letter from the General Partner to Sasco extending the
Management Agreement from June 30, 2010 to June 30, 2011
(filed as Exhibit 10.10(b) on Form 10-K filed on March 31,
2011 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
    
    Amended and Restated Management Agreement among the
Partnership, the General Partner and PGR Capital LLP (filed as
Exhibit 10.12 to the Current Report on Form 8-K filed on
November 4, 2010 and incorporated herein by reference).10.13
    
    Amended and Restated Management Agreement among the
Partnership, the General Partner and Blackwater Capital
Management LLC (filed as Exhibit 10.13 to the Current Report
on Form 8-K filed on November 4, 2010 and incorporated herein
by reference).10.14
    
    Amended and Restated Management Agreement among the
Partnership, the General Partner and J E Moody & Company LLC
(filed as Exhibit 10.14 to the Current Report on Form 10-K
filed on January 3, 2011 and incorporated herein by
reference).10.15
    
    Amended and Restated Management Agreement among the
Partnership, the General Partner and Cirrus Capital Management
LLC (filed as Exhibit 10.15 to the Current Report on Form 8-K
filed on January 3, 2011 and incorporated herein by
reference).10.16
    
    Management Agreement among the Partnership, the General
Partner and Flintlock Capital Asset Management, LLC (filed as
Exhibit 10.16 to the Current Report on Form 8-K filed on
December, 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)
 30




---



##### 



SIGNATURES
  EMERGING CTA PORTFOLIO L.P.
 By:
    
    Ceres Managed Futures LLC(General Partner)By:
    
    /s/ Walter Davis

Walter DavisPresident and DirectorDate:
    
    May 16, 2011By:
    
    /s/ Jennifer Magro

Jennifer MagroChief Financial Officer and Director(Principal Accounting Officer)Date:
    
    May 16, 2011
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