##### 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 September 30, 2009
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  EMERGING CTA PORTFOLIO L.P.
   (Exact name
    of registrant as specified in its charter)
  New York


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


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




---



##### 



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

Financial Statements:Statements of Financial Condition at September 30, 2009 and
    December 31, 2008 (unaudited)

3Schedules of Investments at September 30, 2009 and
    December 31, 2008  (unaudited)

4  5Statements of Income and Expenses and Changes in Partners Capital for
    the three and nine months ended September 30, 2009 and 2008
    (unaudited)

6Notes to Financial Statements (unaudited)

7  15Item 2.

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

16  19Item 3.

Quantitative and Qualitative Disclosures about Market Risk

20  22Item 4.

Controls and Procedures

23PART II - Other Information



24  28ExhibitsEx. 3.1(c) Certificate of Amendment of the Certificate of Limited Partnership dated September 19, 2008Ex. 10.11 Form of Subscription AgreementEx. 31.1 CertificationEx. 31.2 CertificationEx. 32.1 CertificationEx. 32.2 Certification  2




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##### Table of Contents



PART I Item 1.
    Financial Statements Emerging CTA Portfolio L.P.
    Statements of Financial Condition
    (Unaudited)  September 30,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Partnerships, at fair value
    
    $
    64,707,815
    
    
    $
    51,209,248Equity in trading account:Cash
    
    
    76,643,470
    
    
    
    116,717,439Cash margin
    
    
    23,444,601
    
    
    
    7,320,973Net
unrealized appreciation on open futures contracts
    
    
    3,882,654
    
    
    
    4,286,597Net unrealized appreciation on open forward contracts
    
    
    1,553,080
    
    
    
    581,962170,231,620
    
    
    
    180,116,219Interest receivable
    
    
    5,416
    
    
    
    2,371Total assets
    
    $
    170,237,036
    
    
    $
    180,118,590Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    496,525
    
    
    $
    525,346Management fees
    
    
    282,710
    
    
    
    299,205Administrative fees
    
    
    70,677
    
    
    
    74,801Incentive fees
    
    
    350,293
    
    
    
    2,574,101General Partner incentive fees
    
    
    
    
    
    
    1,750,838Other
    
    
    114,625
    
    
    
    69,951Redemptions payable
    
    
    2,672,807
    
    
    
    7,578,559Total liabilities
    
    
    3,987,637
    
    
    
    12,872,801Partners Capital:General Partner, 129.0000 Unit equivalents outstanding
at September 30, 2009 and December 31, 2008, respectively
    
    
    189,145
    
    
    
    194,329Limited
Partners, 113,255.9948 and 110,892.2887 Redeemable Units of Limited
Partnership Interest outstanding at September 30, 2009 and December 31, 2008, respectively
    
    
    166,060,254
    
    
    
    167,051,460Total partners capital
    
    
    166,249,399
    
    
    
    167,245,789Total liabilities and partners capital
    
    $
    170,237,036
    
    
    $
    180,118,590
  3




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Schedule of Investments
   September 30, 2009
    (Unaudited)  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies
    
    
    768
    
    
    $
    887,708
    
    
    
    0.53
    %Energy
    
    
    314
    
    
    
    377,510
    
    
    
    0.23Grains
    
    
    238
    
    
    
    (34,388
    )
    
    
    (0.02
    )Indices
    
    
    402
    
    
    
    48,599
    
    
    
    0.03Interest Rates U.S.
    
    
    1947
    
    
    
    1,171,656
    
    
    
    0.70Interest Rates Non-U.S.
    
    
    2730
    
    
    
    924,697
    
    
    
    0.56Livestock
    
    
    37
    
    
    
    (7,600
    )
    
    
    (0.00
    )*Metals
    
    
    221
    
    
    
    223,840
    
    
    
    0.13Softs
    
    
    335
    
    
    
    347,221
    
    
    
    0.21Total futures contracts purchased
    
    
    
    
    
    
    3,939,243
    
    
    
    2.37Futures Contracts SoldCurrencies
    
    
    399
    
    
    
    368,901
    
    
    
    0.22Energy
    
    
    503
    
    
    
    (286,491
    )
    
    
    (0.17
    )Grains
    
    
    523
    
    
    
    (125,139
    )
    
    
    (0.08
    )Indices
    
    
    252
    
    
    
    59,932
    
    
    
    0.04Interest Rates U.S.
    
    
    33
    
    
    
    (275
    )
    
    
    (0.00
    )*Interest Rates Non-U.S.
    
    
    46
    
    
    
    (15,134
    )
    
    
    (0.01
    )Livestock
    
    
    140
    
    
    
    (49,088
    )
    
    
    (0.03
    )Metals
    
    
    5
    
    
    
    (8,659
    )
    
    
    (0.00
    )*Softs
    
    
    74
    
    
    
    (636
    )
    
    
    (0.00
    )*Total futures contracts sold
    
    
    
    
    
    
    (56,589
    )
    
    
    (0.03
    )Unrealized Appreciation on Forward ContractsCurrencies
    
    
    162,813,940
    
    
    
    2,829,040
    
    
    
    1.70Metals
    
    
    272
    
    
    
    1,864,807
    
    
    
    1.12Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    4,693,847
    
    
    
    2.82Unrealized Depreciation on Forward ContractsCurrencies
    
    
    90,530,428
    
    
    
    (1,204,699
    )
    
    
    (0.72
    )Metals
    
    
    280
    
    
    
    (1,936,068
    )
    
    
    (1.17
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (3,140,767
    )
    
    
    (1.89
    )Investment in PartnershipsCMF Altis Partners Master Fund LP
    
    
    
    
    
    
    29,803,952
    
    
    
    17.93CMF Avant Master Fund LP
    
    
    
    
    
    
    11,800,784
    
    
    
    7.09CMF Sasco Master Fund LP
    
    
    
    
    
    
    23,103,079
    
    
    
    13.90Total investment in Partnerships
    
    
    
    
    
    
    64,707,815
    
    
    
    38.92Total fair value
    
    
    
    
    
    $
    70,143,549
    
    
    
    42.19
    %   *
    
    Due to rounding.   4




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##### Table of Contents



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


88


$
224,468



0.13
%Energy


788



(2,497,868
)


(1.49
)Grains


224



637,672



0.38Indices


243



121,078



0.07Interest Rates U.S


340



526,258



0.31Interest Rates Non-U.S


442



1,065,205



0.64Livestock


25



(7,270
)


(0.00
)*Metals


93



37,735



0.02Softs


214



366,097



0.22Total futures contracts purchased






473,375



0.28Futures Contracts SoldCurrencies


98



153,769



0.09Energy


799



4,000,085



2.39Grains


121



(414,627
)


(0.25
)Indices


69



(28,222
)


(0.02
)Interest Rates U.S


8



(5,778
)


(0.00
)*Interest Rates Non-U.S


58



(21,539
)


(0.01
)Livestock


42



34,200



0.02Metals


5



(9,531
)


(0.00
)*Softs


94



104,865



0.06Total futures contracts sold






3,813,222



2.28Unrealized Appreciation on Open Forward ContractsCurrencies


47,198,019



2,148,531



1.29Metals


920



5,473,402



3.27Total unrealized appreciation on open forward contracts






7,621,933



4.56Unrealized Depreciation on Open Forward ContractsCurrencies


29,003,077



(1,635,524
)


(0.98
)Metals


852



(5,404,447
)


(3.23
)Total unrealized depreciation on open forward contracts






(7,039,971
)


(4.21
)Investment in PartnershipsCMF Altis Partners Master Fund LP






35,435,099



21.19CMF Avant Master Fund LP






15,774,149



9.43Total investment in Partnerships






51,209,248



30.62Total fair value





$
56,077,807



33.53
%     5




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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
    
    
    Nine Months EndedSeptember 30,
    
    

September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    251,779
    
    
    $
    1,013,993
    
    
    $
    2,662,216
    
    
    $
    10,050,812Net realized
gains (losses)  on investment in Partnerships
    
    
    (1,070,340
    )
    
    
    3,039,302
    
    
    
    (2,748,038
    )
    
    
    9,361,516Change in net unrealized gains (losses) on open contracts
    
    
    3,629,903
    
    
    
    (2,157,160
    )
    
    
    567,175
    
    
    
    (438,328
    )Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    2,723,369
    
    
    
    (10,476,926
    )
    
    
    5,858,998
    
    
    
    (2,001,796
    )Gain (loss) from trading, net
    
    
    5,534,711
    
    
    
    (8,580,791
    )
    
    
    6,340,351
    
    
    
    16,972,204Interest income
    
    
    27,897
    
    
    
    441,567
    
    
    
    88,517
    
    
    
    1,381,952Interest income from investment in Partnerships
    
    
    17,696
    
    
    
    166,801
    
    
    
    46,415
    
    
    
    584,591Total income (loss)
    
    
    5,580,304
    
    
    
    (7,972,423
    )
    
    
    6,475,283
    
    
    
    18,938,747Expenses:Brokerage commissions including clearing fees
    
    
    1,705,962
    
    
    
    1,548,542
    
    
    
    5,184,796
    
    
    
    4,442,903Management fees
    
    
    837,357
    
    
    
    807,173
    
    
    
    2,505,429
    
    
    
    2,318,157Administrative fees
    
    
    209,339
    
    
    
    201,793
    
    
    
    626,356
    
    
    
    585,018Incentive fees
    
    
    350,293
    
    
    
    595,943
    
    
    
    1,264,946
    
    
    
    3,321,024General Partner incentive fees
    
    
    
    
    
    
    (561,639
    )
    
    
    
    
    
    
    471,602Other
    
    
    109,248
    
    
    
    94,512
    
    
    
    362,754
    
    
    
    194,074Total expenses
    
    
    3,212,199
    
    
    
    2,686,324
    
    
    
    9,944,281
    
    
    
    11,332,778Net income (loss)
    
    
    2,368,105
    
    
    
    (10,658,747
    )
    
    
    (3,468,998
    )
    
    
    7,605,969Additions   Limited Partners
    
    
    8,047,000
    
    
    
    15,300,000
    
    
    
    32,046,273
    
    
    
    37,831,000Proceeds from Limited Partners redemption fees
    
    
    16,213
    
    
    
    
    
    
    
    238,562
    
    
    
    Redemptions  Limited Partners
    
    
    (6,809,795
    )
    
    
    (6,496,530
    )
    
    
    (29,812,227
    )
    
    
    (22,586,114
    )Net increase (decrease) in Partners Capital
    
    
    3,621,523
    
    
    
    (1,855,277
    )
    
    
    (996,390
    )
    
    
    22,850,855Partners Capital, beginning of period
    
    
    162,627,876
    
    
    
    163,639,936
    
    
    
    167,245,789
    
    
    
    138,933,804Partners Capital, end of period
    
    $
    166,249,399
    
    
    $
    161,784,659
    
    
    $
    166,249,399
    
    
    $
    161,784,659Net Asset Value per  Unit
(113,384.9948 and 121,901.5513  Units
outstanding at September 30, 2009 and 2008, respectively)
    
    $
    1,466.24
    
    
    $
    1,327.17
    
    
    $
    1,466.24
    
    
    $
    1,327.17Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    20.55
    
    
    $
    (89.66
    )
    
    $
    (42.27
    )
    
    $
    65.19Weighted average units outstanding
    
    
    114,669.0768
    
    
    
    121,854.6899
    
    
    
    114,401.5556
    
    
    
    118,565.7371
  6




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##### Table of Contents



Emerging CTA Portfolio L.P.Notes to Financial Statements
September 30, 2009
    (Unaudited)
  1.
    General:          Form 10-K
           7




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    $
    33.29
    
    
    $
    (85.46
    )
    
    $
    (1.82
    )
    
    $
    106.80Interest income
    
    
    0.40
    
    
    
    5.00
    
    
    
    1.19
    
    
    
    16.63Expenses **
    
    
    (13.14
    )
    
    
    (9.20
    )
    
    
    (41.64
    )
    
    
    (58.24
    )Increase (decrease) for the period
    
    
    20.55
    
    
    
    (89.66
    )
    
    
    (42.27
    )
    
    
    65.19Proceeds from Limited Partners early redemption fees
    
    
    0.14
    
    
    
    
    
    
    
    2.08
    
    
    
    Net Asset Value per Redeemable Unit Limited Partnership Interest, beginning of period
    
    
    1,445.55
    
    
    
    1,416.83
    
    
    
    1,506.43
    
    
    
    1,261.98Net Asset Value per Redeemable Unit Limited Partnership Interest, end of period
    
    $
    1,466.24
    
    
    $
    1,327.17
    
    
    $
    1,466.24
    
    
    $
    1,327.17       Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (6.8
    )%
    
    
    (5.1
    )%
    
    
    (7.0
    )%
    
    
    (4.8
    )%Operating expense
    
    
    6.9
    %
    
    
    6.6
    %
    
    
    7.1
    %
    
    
    6.5
    %Incentive fees
    
    
    0.2
    %
    
    
    
    %
    
    
    0.8
    %
    
    
    2.5
    %Total expenses
    
    
    7.1
    %
    
    
    6.6
    %
    
    
    7.9
    %
    
    
    9.0
    %Total return:Total return
before incentive fees
    
    
    1.6
    %
    
    
    (6.3
    )%
    
    
    (1.9
    )%
    
    
    7.6
    %Incentive fees
    
    
    (0.2
    )%
    
    
    
    %
    
    
    (0.8
    )%
    
    
    (2.4
    )%Total return
after incentive fees
    
    
    1.4
    %
    
    
    (6.3
    )%
    
    
    (2.7
    )%
    
    
    5.2
    %         3.
    Trading
    Activities:   8




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
         September 30, 2009
    
    
    
    
    
    
    September 30, 2009Assets
    
    
    
    
    
    AssetsFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    1,382,323
    
    
    Currencies
    
    $
    2,829,040Energy
    
    
    814,331
    
    
    Metals
    
    
    1,864,807Grains
    
    
    210,093Indices
    
    
    312,494Interest Rates U.S.
    
    
    1,180,262Interest Rates Non-U.S.
    
    
    1,111,324Livestock
    
    
    3,450Metals
    
    
    261,706Softs
    
    
    378,335Total unrealized appreciation on open futures contracts
    
    $
    5,654,318
    
    


Total
unrealized appreciation on open forward contracts
    
    $
    4,693,847Liabilities
    
    
    
    
    
    LiabilitiesFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    (125,714
    )
    
    Currencies
    
    $
    (1,204,699
    )Energy
    
    
    (723,312
    )
    
    Metals
    
    
    (1,936,068
    )Grains
    
    
    (369,619
    )Indices
    
    
    (203,963
    )Interest Rates U.S.
    
    
    (8,881
    )Interest Rates Non-U.S.
    
    
    (201,761
    )Livestock
    
    
    (60,138
    )Metals
    
    
    (46,525
    )Softs
    
    
    (31,751
    )Total unrealized depreciation on open futures contracts
    
    $
    (1,771,664
    )
    
Total
unrealized depreciation on open forward contracts
    
    $
    (3,140,767
    )Net unrealized appreciation on open futures contracts
    
    $
    3,882,654
    *
    
Net
unrealized appreciation on open forward contracts
    
    $
    1,553,080
    **
 *
    
    This amount is included in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition.**
    
    This amount is included in Net unrealized appreciation on open forward contracts on the Statements of Financial Condition. 9




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    2,767,582
    
    
    $
    3,485,640Energy

    
    (431,284
    )
    
    
    41,872Grains

    
    420,633
    
    
    
    2,029,897Indices


    
    (624,054
    )
    
    
    909,241Interest Rates U.S.


    
    1,982,623
    
    
    
    (51,483
    )Interest Rates Non-U.S.


    
    
    508,558
    
    
    
    (1,407,753
    )Livestock

    
    
    61,448
    
    
    
    (65,463
    )Softs


    
    
    (716,609
    )
    
    
    (405,489
    )Metals


    
    
    (87,215
    )
    
    
    (1,307,071
    )Total

    
    $
    3,881,682
    
    
    $
    3,229,391
  4.
    Fair Value
Measurements:  Investments.
  Fair Value Measurements.
   10




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2009
    (Unaudited)
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable Inputs9/30/2009


Assets (Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships
    
    $
    64,707,815
    
    
    $
    
    
    
    $
    64,707,815
    
    
    $
    Futures
    
    
    3,882,654
    
    
    
    3,882,654
    
    
    
    
    
    
    
    Forwards
    
    
    1,624,341
    
    
    
    
    
    
    
    1,624,341
    
    
    
    Total assets
    
    $
    70,214,810
    
    
    $
    3,882,654
    
    
    $
    66,332,156
    
    
    $
    LiabilitiesForwards
    
    $
    71,261
    
    
    $
    71,261
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    71,261
    
    
    
    71,261
    
    
    
    
    
    
    
    Total fair value
    
    $
    70,143,549
    
    
    $
    3,811,393
    
    
    $
    66,332,156
    
    
    $
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs12/31/2008
    
    

Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in
Partnerships
    
    $
    51,209,248
    
    
    $
    
    
    
    $
    51,209,248
    
    
    $
    Futures
    
    
    4,286,597
    
    
    
    4,286,597
    
    
    
    
    
    
    
    Forwards
    
    
    581,962
    
    
    
    68,955
    
    
    
    513,007
    
    
    
    Total fair value
    
    $
    56,077,807
    
    
    $
    4,355,552
    
    
    $
    51,722,255
    
    
    $
    
 5. Investment in Partnerships:
     11




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2009
    (Unaudited)
          give-up,
      September 30, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    88,471,368
    
    
    $
    18,996
    
    
    $
    88,452,372Avant Master
    
    
    11,826,866
    
    
    
    26,751
    
    
    
    11,800,115Sasco Master
    
    
    33,045,044
    
    
    
    182,651
    
    
    
    32,862,393Total
    
    $
    133,343,278
    
    
    $
    228,398
    
    
    $
    133,114,880December 31, 2008Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    99,300,545
    
    
    $
    17,963
    
    
    $
    99,282,582Avant Master
    
    
    67,629,391
    
    
    
    15,257,355
    
    
    
    52,372,036Total
    
    $
    166,929,936
    
    
    $
    15,275,318
    
    
    $
    151,654,618
 12




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2009
    (Unaudited)
  For the three months ended September 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    4,106,021
    
    
    $
    4,127,001
    
    
    $
    4,094,363Avant Master
    
    
    1,006,260
    
    
    
    1,010,229
    
    
    
    987,759Sasco Master
    
    
    (1,075,143
    )
    
    
    (1,066,426
    )
    
    
    (1,222,765
    )Total
    
    $
    4,037,138
    
    
    $
    4,070,804
    
    
    $
    3,859,357For the nine months ended September 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (924,520
    )
    
    $
    (863,038
    )
    
    $
    (978,066
    )Avant Master
    
    
    2,359,038
    
    
    
    2,375,401
    
    
    
    2,302,189Sasco Master
    
    
    2,551,417
    
    
    
    2,565,593
    
    
    
    2,148,922Total
    
    $
    3,985,935
    
    
    $
    4,077,956
    
    
    $
    3,473,045For the three months ended September 30, 2008Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    (15,487,281
    )
    
    $
    (15,216,070
    )
    
    $
    (15,279,538
    )Avant Master
    
    
    (6,528,088
    )
    
    
    (6,342,304
    )
    
    
    (6,387,237
    )Total
    
    $
    (22,015,369
    )
    
    $
    (21,558,374
    )
    
    $
    (21,666,775
    )For the nine months ended September 30, 2008Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    15,606,019
    
    
    $
    16,519,695
    
    
    $
    16,353,520Avant Master
    
    
    3,945,849
    
    
    
    4,556,472
    
    
    
    4,402,983Total
    
    $
    19,551,868
    
    
    $
    21,076,167
    
    
    $
    20,756,503
 13




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
   September 30, 2009% of
    
    
    
    
    
    
 For the three months ended September 30, 2009Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.93
    %
    
    $
    29,803,952
    
    
    $
    1,394,354
    
    
    $
    6,634
    
    
    $
    4,432
    
    
    $
    1,383,288
    
    
    Commodity
Portfolio
    
    MonthlyAvant Master
    
    
    7.09
    %
    
    
    11,800,784
    
    
    
    1,010,229
    
    
    
    12,638
    
    
    
    8,122
    
    
    
    989,469
    
    
    Energy
Markets
    
    MonthlySasco Master
    
    
    13.90
    %
    
    
    23,103,079
    
    
    
    (733,858
    )
    
    
    93,333
    
    
    
    13,609
    
    
    
    (840,800
    )
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    64,707,815
    
    
    $
    1,670,725
    
    
    $
    112,605
    
    
    $
    26,163
    
    
    $
    1,531,957
 September 30, 2009% of
    
    
    
    
    
    
For the nine months ended September 30, 2009Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.93
    %
    
    $
    29,803,952
    
    
    $
    (408,169
    )
    
    $
    27,696
    
    
    $
    12,635
    
    
    $
    (448,500
    )
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    7.09
    %
    
    
    11,800,784
    
    
    
    1,963,804
    
    
    
    34,615
    
    
    
    24,713
    
    
    
    1,904,476
    
    
    Energy 
Markets
    
    MonthlySasco Master
    
    
    13.90
    %
    
    
    23,103,079
    
    
    
    1,601,740
    
    
    
    214,393
    
    
    
    53,724
    
    
    
    1,333,623
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    64,707,815
    
    
    $
    3,157,375
    
    
    $
    276,704
    
    
    $
    91,072
    
    
    $
    2,789,599
 December 31, 2008% of
    
    
    
    
    
    
    For the three months ended September 30, 2008Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    21.19
    %
    
    $
    35,435,099
    
    
    $
    (5,322,193
    )
    
    $
    18,880
    
    
    $
    3,102
    
    
    $
    (5,344,175
    )
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    9.43
    %
    
    
    15,774,149
    
    
    
    (1,948,630
    )
    
    
    9,518
    
    
    
    4,340
    
    
    
    (1,962,488
    )
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    51,209,248
    
    
    $
    (7,270,823
    )
    
    $
    28,398
    
    
    $
    7,442
    
    
    $
    (7,306,663
    )
 December 31, 2008% of
    
    
    
    
    
    
  For the nine months ended September 30, 2008Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    21.19
    %
    
    $
    35,435,099
    
    
    $
    6,341,827
    
    
    $
    50,235
    
    
    $
    10,152
    
    
    $
    6,281,440
    
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    9.43
    %
    
    
    15,774,149
    
    
    
    1,602,484
    
    
    
    36,559
    
    
    
    12,582
    
    
    
    1,553,343
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    51,209,248
    
    
    $
    7,944,311
    
    
    $
    86,794
    
    
    $
    22,734
    
    
    $
    7,834,783
 6. Financial Instrument Risks:
  14




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##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
       15




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
       Critical
    Accounting Policies
 Use of Estimates.
 Statement
of Cash Flows.
 Investments.
 Fair Value Measurements.
  Futures Contracts.
 16




---



##### Table of Contents



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
 Options.
 Income Taxes.
   Recent Accounting Pronouncements
 Subsequent Events.
 17




---



##### Table of Contents



Results
    of Operations
              30-day 3-month
 18




---



##### Table of Contents



and/or 90-day
          19




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
 20




---



##### Table of Contents



September 30,
    2009
    (Unaudited)
  Three Months Ended September 30, 2009Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    10,007,763
    
    
    
    6.02
    %
    
    $
    10,152,349
    
    
    $
    3,627,771
    
    
    $
    7,870,236Energy
    
    
    1,134,148
    
    
    
    0.68
    %
    
    
    2,042,840
    
    
    
    378,793
    
    
    
    1,146,267Grains
    
    
    794,583
    
    
    
    0.48
    %
    
    
    1,331,537
    
    
    
    247,378
    
    
    
    778,255Interest Rates U.S.
    
    
    2,796,931
    
    
    
    1.68
    %
    
    
    2,796,931
    
    
    
    718,421
    
    
    
    2,030,261Interest Rates Non-U.S.
    
    
    5,607,038
    
    
    
    3.37
    %
    
    
    6,017,060
    
    
    
    1,611,727
    
    
    
    3,459,731Livestock
    
    
    220,186
    
    
    
    0.13
    %
    
    
    246,794
    
    
    
    51,976
    
    
    
    140,939Metals
    
    
    1,108,469
    
    
    
    0.67
    %
    
    
    1,329,686
    
    
    
    464,516
    
    
    
    792,423Softs
    
    
    1,011,120
    
    
    
    0.61
    %
    
    
    1,015,509
    
    
    
    392,171
    
    
    
    671,955Indices
    
    
    3,113,426
    
    
    
    1.87
    %
    
    
    5,381,090
    
    
    
    1,377,348
    
    
    
    2,957,206Total
    
    $
    25,793,664
    
    
    
    15.51
    %   *
    
    Average month-end Values at Risk. 21




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##### Table of Contents



September 30, 2009
    
    (Unaudited)
  Three months ended September 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    1,375,602
    
    
    
    1.56
    %
    
    $
    2,012,974
    
    
    $
    1,060,343
    
    
    $
    1,601,488Energy
    
    
    900,692
    
    
    
    1.02
    %
    
    
    1,644,207
    
    
    
    838,977
    
    
    
    1,039,183Grains
    
    
    703,735
    
    
    
    0.80
    %
    
    
    728,369
    
    
    
    396,254
    
    
    
    583,556Interest Rates U.S.
    
    
    586,238
    
    
    
    0.66
    %
    
    
    645,164
    
    
    
    347,575
    
    
    
    536,662Interest Rates Non -U.S.
    
    
    1,564,942
    
    
    
    1.77
    %
    
    
    1,658,370
    
    
    
    1,052,362
    
    
    
    1,342,161Livestock
    
    
    133,650
    
    
    
    0.15
    %
    
    
    153,900
    
    
    
    95,522
    
    
    
    120,275Metals
    
    
    1,353,700
    
    
    
    1.53
    %
    
    
    1,599,418
    
    
    
    741,347
    
    
    
    1,300,037Softs
    
    
    620,406
    
    
    
    0.70
    %
    
    
    624,639
    
    
    
    397,819
    
    
    
    500,753Indices
    
    
    3,327,027
    
    
    
    3.76
    %
    
    
    3,383,400
    
    
    
    363,554
    
    
    
    1,972,357Lumber
    
    
    9,900
    
    
    
    0.01
    %
    
    
    18,150
    
    
    
    8,250
    
    
    
    10,000Total
    
    $
    10,575,892
    
    
    
    11.96
    %   *
    
    Average month-end Values at Risk    September 30,
    2009
    (Unaudited)
  Three months ended September 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
355,973



3.02
%

$
3,761,786


$
341,661


$
2,406,651Totals

$
355,973



3.02
%   *
    
    Average of month-end Values at Risk    September 30,
    2009
    (Unaudited)
  Three months ended September 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy
    
    $
    3,651,621
    
    
    
    11.11
    %
    
    $
    5,029,002
    
    
    $
    2,115,902
    
    
    $
    2,980,757Totals
    
    $
    3,651,621
    
    
    
    11.11
    % *
    
    Average of month-end Values at Risk 22




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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.   23




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   Subprime Mortgage-Related Litigation
  Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc.,
et al. In re Citigroup Inc. Bond Litigation
  Utah Retirement Systems v. Strauss, et al.
  In Re American Home Mortgage Securities Litigation
  In Re American International Group, Inc. 2008 Securities
Litigation
 Auction Rate SecuritiesRelated Litigation and Other Matters
  K-V Pharmaceutical Co. v. CGMI In Re Citigroup Auction Rate Securities Litigation
  In Re Citigroup Auction Rate Securities Litigation
  Ocwen Financial
Corp., et al. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 Other Matters
  ECA
Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Adelphia Communications Corporation
   IPO Securities Litigation
   Other Matters
  Terra Securities Asa
Konkursbo, et al. v. Citigroup Inc., et al
 24




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##### Table of Contents



Item 1A.
    Risk
    Factors   Speculative
position and trading limits may reduce profitability.
 Regulatory changes could restrict the Partnerships operations.
 25




---



##### Table of Contents



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 ProgramsJuly 1, 2009 
    July 31, 2009



1,708.0198



$
1,430.41




N/A




N/AAugust 1, 2009 
    August 31, 2009



1,153.4665



$
1,468.46




N/A




N/ASeptember 1, 2009 
    September 30, 2009



1,822.8989



$
1,466.24




N/A




N/ATotal



4,684.3852



$
1,453.72       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    Submission
    of Matters to a Vote of Security
    Holders.  None.  Item 5.
    Other
    Information.   26




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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 herewith).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated September 28,
2009 (filed as Exhibit 99.1 to the Current Report of Form 8-K filed on September 30, 2009
and incorporated herein by reference).
 3.2
    
    Limited Partnership Agreement (filed as Exhibit 3.2 to the General Form for Registration of
Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).10.1(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC and Altis
Partners Limited (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 Partners Limited extending the Management
Agreement from June 30, 2008 to June 30, 2009 (filed as Exhibit 10.34 to the General Form
for Registration of Securities on Form 10/A filed on September 25, 2008).
 10.2(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC 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, 2008 to June 30, 2009 (filed as Exhibit 10.35 to the General Form
for Registration of Securities on Form 10/A filed on September 25, 2008).
 10.3(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC and Sequent
Capital LLC (filed as Exhibit 10.3 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 Sequent Capital LLC extending the Management
Agreement from June 30, 2007 to June 30, 2008 (filed as Exhibit 10.23 to the General Form
for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein
by reference).
 10.4(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC 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, 2008 to June 30, 2009 (filed as Exhibit 10.36 to the
General Form for Registration of Securities on Form 10/A filed on September 25, 2008).
 10.5(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC 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, 2008 to June 30, 2009 (filed as Exhibit 10.37 to the
General Form for Registration of Securities on Form 10/A filed on September 25, 2008).
 10.6(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC and Avant Capital
Management L.P. (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 Capital Management L.P. extending the
Management Agreement from June 30, 2008 to June 30, 2009 (filed as Exhibit 10.38 to the
General Form for Registration of Securities on Form 10/A filed on September 25, 2008).
 10.7(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC 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, 2008 to June 30, 2009 (filed as Exhibit 10.39 to the
General Form for Registration of Securities on Form 10/A filed on September 25, 2008).
 27




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##### Table of Contents



10.8(a)
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC and Vantage
Advisors L.P. (filed as Exhibit 10.8 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 Vantage Advisors L.P. extending the Management
Agreement from June 30, 2008 to June 30 2009 (filed as Exhibit 10.40 to the General Form
for Registration of Securities on Form 10/A filed on September 25, 2008 and incorporated
herein by reference).
 10.9
    
    Customer Agreement between the Partnership, Citigroup Managed Futures LLC and Citigroup
Global Markets Inc. (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).10.10
    
    Amended and Restated Agency Agreement between the Partnership, Citigroup Managed Futures LLC
and Citigroup Global Markets Inc. (filed as Exhibit 10.10 to the General Form for Registration
of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
 10.11
    
    Form of Subscription Agreement (filed herewith).10.12
    
    Management Agreement among the Partnership, Citigroup Managed Futures LLC and Sasco Energy
Partners LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on April 21,
2009).10.13
    
    Joinder Agreement among the Partnership, Citigroup Managed Futures LLC, Citigroup Global
Markets Inc. and Morgan Stanley Smith Barney LLC (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).10.14
    
    Management Agreement among the Partnership, Ceres Managed Futures LLC and PGR Capital LLP
(filed as Exhibit 10.1 to the Current Report on Form 8-K filed on November 5, 2009).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).
 28




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##### Table of Contents



SIGNATURES
    EMERGING
CTA PORTFOLIO L.P.
  By:

Ceres Managed Futures LLC(General
    Partner)By:

/s/ Jerry PascucciJerry
    Pascucci
    President and DirectorDate:

November 16, 2009By:

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

November 16, 2009