##### 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, 2010
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  EMERGING CTA PORTFOLIO L.P.
   (Exact name
    of registrant as specified in its charter)
  New York


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


(I.R.S. Employer
    Identification No.
)   c/o Ceres
    Managed Futures LLC
    522 Fifth Avenue 
14th Floor
    New York, New York 10036  (Address
    of principal executive offices) (Zip Code)
  (212) 296-1999
 (Registrants
    telephone number, including area code)
    Yes
    X   No
    Yes
        No
  12b-2
  Large
    accelerated filer
    Accelerated filer
    Non-accelerated
    filer X
Smaller reporting company  Rule 12b-2
  Yes
     No X




---



##### 



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

Financial Statements:Statements of Financial Condition at
September 30, 2010 (unaudited) and
    December 31, 2009

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

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

6Notes to Financial Statements (unaudited)

7  19Item 2.

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

20  23Item 3.

Quantitative and Qualitative Disclosures about Market Risk

24  26Item 4.

Controls and Procedures

27PART II - Other Information



28  31ExhibitsEx. 31.1 CertificationEx. 31.2 CertificationEx. 32.1 CertificationEx. 32.2 CertificationEXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1EXHIBIT 32.2  2




---



##### Table of Contents



PART I Item 1.
    Financial Statements Emerging CTA Portfolio L.P.
    Statements of Financial Condition  (Unaudited) 
September 30,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Funds, at fair value
    
    $
    77,667,860
    
    
    $
    63,868,859Equity in trading account:Cash
    
    
    83,561,579
    
    
    
    94,883,891Cash margin
    
    
    14,694,859
    
    
    
    11,750,313Net
unrealized appreciation on open futures contracts
    
    
    2,464,845
    
    
    
    744,126Net unrealized appreciation on open forward contracts
    
    
    1,050,226
    
    
    
    179,439,369
    
    
    
    171,247,189Interest receivable
    
    
    8,917
    
    
    
    1,454Total assets
    
    $
    179,448,286
    
    
    $
    171,248,643Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    
    
    
    $
    1,025,915Accrued expenses:Brokerage
fees
    
    
    523,391
    
    
    
    496,483Management fees
    
    
    298,070
    
    
    
    282,773Administrative fees
    
    
    74,517
    
    
    
    70,693Incentive fees
    
    
    379,499
    
    
    
    42,297Other
    
    
    83,005
    
    
    
    62,730Redemptions payable
    
    
    2,113,012
    
    
    
    2,562,080Total
liabilities
    
    
    3,471,494
    
    
    
    4,542,971Partners Capital:General Partner, 1,302.6036 unit equivalents
outstanding at September 30, 2010 and December 31, 2009
    
    
    1,889,700
    
    
    
    1,831,956Limited
Partners, 120,001.0420 and 117,232.3714 Redeemable Units
outstanding at September 30, 2010 and December 31, 2009, respectively
    
    
    174,087,092
    
    
    
    164,873,716Total partners capital
    
    
    175,976,792
    
    
    
    166,705,672Total
liabilities and partners capital
    
    $
    179,448,286
    
    
    $
    171,248,643Net asset value per unit
    
    $
    1,450.71
    
    
    $
    1,406.38
  3




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Condensed Schedule of Investments
   September 30, 2010
    (Unaudited) Notional ($)/Number of
    
    
    
    
    
    
    % of Partners'Contracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    589
    
    
    $
    810,848
    
    
    
    0.46
    %Energy
    
    
    364
    
    
    
    1,017,684
    
    
    
    0.58Grains
    
    
    503
    
    
    
    533,372
    
    
    
    0.30Indices
    
    
    637
    
    
    
    210,145
    
    
    
    0.12Interest Rates U.S.
    
    
    1,971
    
    
    
    540,088
    
    
    
    0.31Interest Rates Non-U.S.
    
    
    2,015
    
    
    
    231,520
    
    
    
    0.13Livestock
    
    
    188
    
    
    
    (45,130
    )
    
    
    (0.02
    )Metals
    
    
    108
    
    
    
    745,681
    
    
    
    0.42Softs
    
    
    201
    
    
    
    174,925
    
    
    
    0.10Total futures contracts purchased
    
    
    
    
    
    
    4,219,133
    
    
    
    2.40Futures Contracts SoldCurrencies
    
    
    158
    
    
    
    (226,896
    )
    
    
    (0.13
    )Energy
    
    
    552
    
    
    
    (1,178,310
    )
    
    
    (0.67
    )Grains
    
    
    323
    
    
    
    (287,116
    )
    
    
    (0.16
    )Indices
    
    
    99
    
    
    
    48,290
    
    
    
    0.03Interest Rates Non-U.S.
    
    
    172
    
    
    
    45,077
    
    
    
    0.02Livestock
    
    
    136
    
    
    
    23,760
    
    
    
    0.01Metals
    
    
    40
    
    
    
    (136,722
    )
    
    
    (0.08
    )Softs
    
    
    106
    
    
    
    (42,371
    )
    
    
    (0.02
    )Total futures contracts sold
    
    
    
    
    
    
    (1,754,288
    )
    
    
    (1.00
    )Unrealized
Appreciation on Open Forward ContractsCurrencies
    
    $
    135,692,182
    
    
    
    3,872,138
    
    
    
    2.20Metals
    
    
    351
    
    
    
    2,100,552
    
    
    
    1.19Total
unrealized appreciation on open forward contracts
    
    
    
    
    
    
    5,972,690
    
    
    
    3.39Unrealized Depreciation on Open Forward ContractsCurrencies
    
    $
    108,289,374
    
    
    
    (2,747,197
    )
    
    
    (1.56
    )Metals
    
    
    285
    
    
    
    (2,175,267
    )
    
    
    (1.24
    )Total
unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (4,922,464
    )
    
    
    (2.80
    )Investment in
FundsCMF Altis
Partners Master Fund L.P.
    
    
    
    
    
    
    24,414,560
    
    
    
    13.87CMF Sasco
Master Fund L.P.
    
    
    
    
    
    
    25,860,376
    
    
    
    14.70Waypoint
Master Fund L.P.
    
    
    
    
    
    
    27,392,924
    
    
    
    15.57Total investment in Funds
    
    
    
    
    
    
    77,667,860
    
    
    
    44.14Total fair value
    
    
    
    
    
    $
    81,182,931
    
    
    
    46.13
    %
 
  4




---



##### Table of Contents



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


559


$
(127,478
)


(0.08
)%Energy


190



436,615



0.26Grains


152



30,308



0.02Indices


560



639,897



0.38Interest Rates U.S.


930



(277,236
)


(0.17
)Interest Rates
    Non-U.S.


1,027



(103,653
)


(0.06
)Livestock


22



(3,650
)


(0.00
)*Metals


91



42,022



0.03Softs


194



253,960



0.15Total futures contracts purchased






890,785



0.53Futures Contracts SoldCurrencies


119



110,339



0.07Energy


89



(372,022
)


(0.22
)Grains


285



(208,494
)


(0.13
)Indices


102



(60,061
)


(0.03
)Interest Rates U.S.


353



224,031



0.13Interest Rates
    Non-U.S.


406



122,499



0.07Livestock


31



(840
)


(0.00
)*Metals


12



31,850



0.02Softs


28



6,039



0.00
*Total futures contracts sold






(146,659
)


(0.09
)Unrealized Appreciation on Open Forward ContractsCurrencies

$
36,468,535



495,276



0.30Metals


271



1,901,753



1.14Total unrealized appreciation on open  forward contracts






2,397,029



1.44Unrealized Depreciation on Open  Forward ContractsCurrencies

$
74,168,842



(1,420,713
)


(0.85
)Metals


273



(2,002,231
)


(1.20
)Total unrealized depreciation on open  forward contracts






(3,422,944
)


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






28,338,180



17.00CMF Avant Master Fund L.P.






11,500,341



6.90CMF Sasco Master Fund L.P.






24,030,338



14.41Total investment in Funds






63,868,859



38.31Total fair value





$
63,587,070



38.14
%      5




---



##### 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 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Funds:Net realized gains (losses) on closed contracts
    
    $
    4,444,072
    
    
    $
    251,779
    
    
    $
    121,036
    
    
    $
    2,662,216Net realized
gains (losses) on investment in Funds
    
    
    (9,000,276
    )
    
    
    (1,070,340
    )
    
    
    (654,068
    )
    
    
    (2,748,038
    )Change in net unrealized gains (losses) on open contracts
    
    
    3,170,041
    
    
    
    3,629,903
    
    
    
    3,796,860
    
    
    
    567,175Change in net unrealized gains (losses) on investment
in Funds
    
    
    14,528,265
    
    
    
    2,723,369
    
    
    
    11,518,890
    
    
    
    5,858,998Gain (loss) from trading, net
    
    
    13,142,102
    
    
    
    5,534,711
    
    
    
    14,782,718
    
    
    
    6,340,351Interest income
    
    
    31,506
    
    
    
    27,897
    
    
    
    72,153
    
    
    
    88,517Interest income from investment in Funds
    
    
    26,051
    
    
    
    17,696
    
    
    
    63,534
    
    
    
    46,415Total income (loss)
    
    
    13,199,659
    
    
    
    5,580,304
    
    
    
    14,918,405
    
    
    
    6,475,283Expenses:Brokerage
fees including clearing fees
    
    
    1,794,564
    
    
    
    1,705,962
    
    
    
    5,275,823
    
    
    
    5,184,796Management fees
    
    
    870,478
    
    
    
    837,357
    
    
    
    2,555,129
    
    
    
    2,505,429Administrative fees
    
    
    217,616
    
    
    
    209,339
    
    
    
    639,301
    
    
    
    626,356Incentive fees
    
    
    368,580
    
    
    
    350,293
    
    
    
    416,676
    
    
    
    1,264,946Other
    
    
    131,690
    
    
    
    109,248
    
    
    
    524,829
    
    
    
    362,754Total expenses
    
    
    3,382,928
    
    
    
    3,212,199
    
    
    
    9,411,758
    
    
    
    9,944,281Net income (loss)
    
    
    9,816,731
    
    
    
    2,368,105
    
    
    
    5,506,647
    
    
    
    (3,468,998
    )Additions   Limited Partners
    
    
    6,508,000
    
    
    
    8,047,000
    
    
    
    25,946,000
    
    
    
    32,046,273Proceeds from Limited Partners redemption fees
    
    
    
    
    
    
    16,213
    
    
    
    
    
    
    
    238,562Redemptions  Limited Partners
    
    
    (6,420,176
    )
    
    
    (6,809,795
    )
    
    
    (22,181,527
    )
    
    
    (29,812,227
    )Net increase (decrease) in Partners Capital
    
    
    9,904,555
    
    
    
    3,621,523
    
    
    
    9,271,120
    
    
    
    (996,390
    )Partners Capital, beginning of period
    
    
    166,072,237
    
    
    
    162,627,876
    
    
    
    166,705,672
    
    
    
    167,245,789Partners Capital, end of period
    
    $
    175,976,792
    
    
    $
    166,249,399
    
    
    $
    175,976,792'
    
    
    $
    166,249,399Net asset value per unit
(121,303.6456 and 113,384.9948 units
outstanding at September 30, 2010 and 2009, respectively)
    
    $
    1,450.71
    
    
    $
    1,466.24
    
    
    $
    1,450.71
    
    
    $
    1,466.24Net income (loss) per Redeemable Unit
and General Partner unit equivalents
    
    $
    79.59
    
    
    $
    20.55
    
    
    $
    44.33
    
    
    $
    (42.27
    )Weighted average units outstanding
    
    
    122,675.0654
    
    
    
    114,669.0768
    
    
    
    122,028.3974
    
    
    
    114,401.5556
  6




---



##### Table of Contents



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




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September  30, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    92.05
    
    
    $
    33.29
    
    
    $
    77.07
    
    
    $
    (1.82
    )Interest income
    
    
    0.47
    
    
    
    0.40
    
    
    
    1.11
    
    
    
    1.19Expenses **
    
    
    (12.93
    )
    
    
    (13.14
    )
    
    
    (33.85
    )
    
    
    (41.64
    )Increase (decrease) for the period
    
    
    79.59
    
    
    
    20.55
    
    
    
    44.33
    
    
    
    (42.27
    )Proceeds from Limited Partners early redemption fees
    
    
    
    
    
    
    0.14
    
    
    
    
    
    
    
    2.08Net asset
value per unit, beginning of period
    
    
    1,371.12
    
    
    
    1,445.55
    
    
    
    1,406.38
    
    
    
    1,506.43Net asset
value per unit, end of period
    
    $
    1,450.71
    
    
    $
    1,466.24
    
    
    $
    1,450.71
    
    
    $
    1,466.24
 
 *
    
    Includes brokerage fees and clearing fees.**
    
    Excludes brokerage fees and clearing fees. Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (6.9
    )%
    
    
    (6.8
    )%
    
    
    (7.1
    )%
    
    
    (7.0
    )%Operating
expenses
    
    
    7.0
    %
    
    
    6.9
    %
    
    
    7.2
    %
    
    
    7.1
    %Incentive fees
    
    
    0.2
    %
    
    
    0.2
    %
    
    
    0.2
    %
    
    
    0.8
    %Total expenses
    
    
    7.2
    %
    
    
    7.1
    %
    
    
    7.4
    %
    
    
    7.9
    %Total return:Total return before incentive fees
    
    
    6.0
    %
    
    
    1.6
    %
    
    
    3.4
    %
    
    
    (1.9
    )%Incentive fees
    
    
    (0.2
    )%
    
    
    (0.2
    )%
    
    
    (0.2
    )%
    
    
    (0.8
    )%Total return after incentive fees
    
    
    5.8
    %
    
    
    1.4
    %
    
    
    3.2
    %
    
    
    (2.7
    )%
         3.
    Trading
    Activities:     8




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
       September 30, 2010AssetsFutures ContractsCurrencies
    
    $
    1,083,552Energy
    
    
    1,202,993Grains
    
    
    910,351Indices
    
    
    443,900Interest Rates U.S.
    
    
    559,665Interest Rates Non-U.S.
    
    
    616,873Livestock
    
    
    59,910Metals
    
    
    745,812Softs
    
    
    227,161Total unrealized appreciation on open futures contracts
    
    $
    5,850,217LiabilitiesFutures ContractsCurrencies
    
    $
    (499,600
    )Energy
    
    
    (1,363,619
    )Grains
    
    
    (664,095
    )Indices
    
    
    (185,465
    )Interest Rates U.S.
    
    
    (19,577
    )Interest Rates Non-U.S.
    
    
    (340,276
    )Livestock
    
    
    (81,280
    )Metals
    
    
    (136,853
    )Softs
    
    
    (94,607
    )Total unrealized depreciation on open futures contracts
    
    $
    (3,385,372
    )Net unrealized appreciation on open futures contracts
    
    $
    2,464,845
    *
 *
    
    This amount is in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition. 9




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
  Assets


    

September
30, 2010Forward ContractsCurrencies
    
    $
    3,872,138Metals
    
    
    2,100,552Total
unrealized appreciation on open forward contracts
    
    $
    5,972,690LiabilitiesForward ContractsCurrencies
    
    $
    (2,747,197
    )Metals
    
    
    (2,175,267
    )Total
unrealized depreciation on open forward contracts
    
    $
    (4,922,464
    )Net
unrealized appreciation on open forward contracts
    
    $
    1,050,226
    **
 **
    
    This amount is in Net unrealized appreciation on open forward contracts on the Statements of Financial Condition.  Assets

December 31, 2009Futures ContractsCurrencies

$
454,205Energy


524,031Grains


89,903Indices


698,928Interest Rates U.S.


312,507Interest Rates
    Non-U.S.


320,014Livestock


7,630Metals


186,737Softs


316,766Total unrealized appreciation on open futures contracts

$
2,910,721LiabilitiesFutures ContractsCurrencies

$
(471,344
)Energy


(459,438
)Grains


(268,089
)Indices


(119,092
)Interest Rates U.S.


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


(301,168
)Livestock


(12,120
)Metals


(112,865
)Softs


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


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

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

$
495,276Metals


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

$
2,397,029LiabilitiesForward ContractsCurrencies

$
(1,420,713
)Metals


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


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

$
(1,025,915
)**   **
    
    This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition. 10




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
   Three Months Ended
    
    
    Three Months Ended
    
    
    Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2010
    
    
    September 30, 2009
    
    
    September 30, 2010
    
    
    September 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from trading
    
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    2,236,373
    
    
    $
    2,767,582
    
    
    $
    (875,449
    )
    
    $
    3,485,640Energy
    
    
    (1,209,775
    )
    
    
    (431,284
    )
    
    
    (1,694,332
    )
    
    
    41,872Grains
    
    
    741,098
    
    
    
    420,633
    
    
    
    752,563
    
    
    
    2,029,897Indices
    
    
    192,746
    
    
    
    (624,054
    )
    
    
    (2,894,247
    )
    
    
    909,241Interest Rates U.S.
    
    
    2,245,280
    
    
    
    1,982,623
    
    
    
    3,474,989
    
    
    
    (51,483
    )Interest Rates Non-U.S.
    
    
    1,560,678
    
    
    
    508,558
    
    
    
    3,563,460
    
    
    
    (1,407,753
    )Livestock
    
    
    (81,853
    )
    
    
    61,448
    
    
    
    (255,082
    )
    
    
    (65,463
    )Metals
    
    
    499,235
    
    
    
    (87,215
    )
    
    
    702,039
    
    
    
    (1,307,071
    )Softs
    
    
    1,430,331
    
    
    
    (716,609
    )
    
    
    1,143,955
    
    
    
    (405,489
    )Total
    
    $
    7,614,113
    
    
    $
    3,881,682
    
    
    $
    3,917,896
    
    
    $
    3,229,391
  4.
    Fair Value
Measurements:  Partnerships and the Funds Investments.
  Partnerships and the Funds Fair Value Measurements.
     11




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs9/30/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Funds
    
    $
    77,667,860
    
    
    $
    
    
    
    $
    77,667,860
    
    
    $
    Futures
    
    
    2,464,845
    
    
    
    2,464,845
    
    
    
    
    
    
    
    Forwards
    
    
    1,124,941
    
    
    
    
    
    
    
    1,124,941
    
    
    
    Total assets
    
    
    81,257,646
    
    
    
    2,464,845
    
    
    
    78,792,801
    
    
    
    LiabilitiesForwards
    
    $
    74,715
    
    
    $
    74,715
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    74,715
    
    
    
    74,715
    
    
    
    
    
    
    
    Total fair value
    
    $
    81,182,931
    
    
    $
    2,390,130
    
    
    $
    78,792,801
    
    
    $
    
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable Inputs12/31/2009
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsInvestment in Funds
    
    $
    63,868,859
    
    
    $
    
    
    
    $
    63,868,859
    
    
    $
    Futures
    
    
    744,126
    
    
    
    744,126
    
    
    
    
    
    
    
    Total assets
    
    
    64,612,985
    
    
    
    744,126
    
    
    
    63,868,859
    
    
    
    LiabilitiesForwards
    
    $
    1,025,915
    
    
    $
    100,478
    
    
    $
    925,437
    
    
    $
    Total liabilities
    
    
    1,025,915
    
    
    
    100,478
    
    
    
    925,437
    
    
    
    Total fair value
    
    $
    63,587,070
    
    
    $
    643,648
    
    
    $
    62,943,422
    
    
    $
    
 5. Investment in Funds:
     12




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2010
    (Unaudited)
            give-up,
      September 30, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    72,576,003
    
    
    $
    958,712
    
    
    $
    71,617,291Sasco Master
    
    
    40,700,503
    
    
    
    149,191
    
    
    
    40,551,312Waypoint Master
    
    
    39,268,693
    
    
    
    42,735
    
    
    
    39,225,958Total
    
    $
    152,545,199
    
    
    $
    1,150,638
    
    
    $
    151,394,561
 December 31, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    84,341,762
    
    
    $
    34,004
    
    
    $
    84,307,758Avant Master
    
    
    13,259,355
    
    
    
    1,759,171
    
    
    
    11,500,184Sasco Master
    
    
    37,621,540
    
    
    
    716,206
    
    
    
    36,905,334Total
    
    $
    135,222,657
    
    
    $
    2,509,381
    
    
    $
    132,713,276
 13




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2010
    (Unaudited)
  For the three months ended September 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    8,547,098
    
    
    $
    8,569,142
    
    
    $
    8,496,706Sasco Master
    
    
    5,074,990
    
    
    
    5,087,988
    
    
    
    4,962,012Waypoint Master
    
    
    (909,222
    )
    
    
    (896,356
    )
    
    
    (947,815
    )Total
    
    $
    12,712,866
    
    
    $
    12,760,774
    
    
    $
    12,510,903For the nine months ended September 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Altis Master
    
    $
    4,445,084
    
    
    $
    4,500,089
    
    
    $
    4,275,429Avant Master
    
    
    1,063,684
    
    
    
    1,066,892
    
    
    
    1,018,521Sasco Master
    
    
    7,215,622
    
    
    
    7,245,977
    
    
    
    6,534,065Waypoint Master
    
    
    5,008,311
    
    
    
    5,036,046
    
    
    
    4,910,529Total
    
    $
    17,732,701
    
    
    $
    17,849,004
    
    
    $
    16,738,544
 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
    
    
    $
    3,473,045
  14




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial StatementsSeptember 30, 2010
    (Unaudited)
   September 30, 2010
    
    
    For the three months ended September 30, 2010% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    13.87
    %
    
    $
    24,414,560
    
    
    $
    2,880,094
    
    
    $
    17,076
    
    
    $
    7,206
    
    
    $
    2,855,812
    
    
    CommodityPortfolio
    
    MonthlySasco Master
    
    
    14.70
    %
    
    
    25,860,376
    
    
    
    3,286,729
    
    
    
    98,127
    
    
    
    (16,873
    )
    
    
    3,205,475
    
    
    Energy Portfolio
    
    MonthlyWaypoint Master
    
    
    15.57
    %
    
    
    27,392,924
    
    
    
    (612,783
    )
    
    
    23,209
    
    
    
    12,950
    
    
    
    (648,942
    )
    
    Commodity 
Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    77,667,860
    
    
    $
    5,554,040
    
    
    $
    138,412
    
    
    $
    3,283
    
    
    $
    5,412,345September 30, 2010
    
    
    For the nine months ended September 30, 2010% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    13.87
    %
    
    $
    24,414,560
    
    
    $
    1,578,802
    
    
    $
    42,530
    
    
    $
    32,000
    
    
    $
    1,504,272
    
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    
    
    
    
    
    
    
    
    1,066,892
    
    
    
    20,335
    
    
    
    28,036
    
    
    
    1,018,521
    
    
    Energy Portfolio
    
    MonthlySasco Master
    
    
    14.70
    %
    
    
    25,860,376
    
    
    
    4,688,464
    
    
    
    277,647
    
    
    
    183,919
    
    
    
    4,226,898
    
    
    Energy Portfolio
    
    MonthlyWaypoint Master
    
    
    15.57
    %
    
    
    27,392,924
    
    
    
    3,594,198
    
    
    
    58,417
    
    
    
    30,249
    
    
    
    3,505,532
    
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    77,667,860
    
    
    $
    10,928,356
    
    
    $
    398,929
    
    
    $
    274,204
    
    
    $
    10,255,223December 31, 2009
    
    
    For the three months ended September 30, 2009% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.00
    %
    
    $
    28,338,180
    
    
    $
    1,394,354
    
    
    $
    6,634
    
    
    $
    4,432
    
    
    $
    1,383,288
    
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    6.90
    %
    
    
    11,500,341
    
    
    
    1,010,229
    
    
    
    12,638
    
    
    
    8,122
    
    
    
    989,469
    
    
    Energy
 Portfolio
    
    MonthlySasco Master
    
    
    14.41
    %
    
    
    24,030,338
    
    
    
    (733,858
    )
    
    
    93,333
    
    
    
    13,609
    
    
    
    (840,800
    )
    
    Energy
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    63,868,859
    
    
    $
    1,670,725
    
    
    $
    112,605
    
    
    $
    26,163
    
    
    $
    1,531,957December 31, 2009
    
    
    For the nine months ended September 30, 2009% ofPartnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.00
    %
    
    $
    28,338,180
    
    
    $
    (408,169
    )
    
    $
    27,696
    
    
    $
    12,635
    
    
    $
    (448,500
    )
    
    Commodity Portfolio
    
    MonthlyAvant Master
    
    
    6.90
    %
    
    
    11,500,341
    
    
    
    1,963,804
    
    
    
    34,615
    
    
    
    24,713
    
    
    
    1,904,476
    
    
    Energy Portfolio
    
    MonthlySasco Master
    
    
    14.41
    %
    
    
    24,030,338
    
    
    
    1,601,740
    
    
    
    214,393
    
    
    
    53,724
    
    
    
    1,333,623
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    63,868,859
    
    
    $
    3,157,375
    
    
    $
    276,704
    
    
    $
    91,072
    
    
    $
    2,789,599
 15




---



##### Table of Contents



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




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2010
    (Unaudited)
  7.  Critical
    Accounting Policies
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships
and Funds Investments.
 Partnerships and Funds Fair Value Measurements.
  Futures
Contracts.
 Forward Foreign Currency Contracts.
  17




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2010
    (Unaudited)
 London Metals Exchange Forward Contracts
  Options.
 Income Taxes.
   Subsequent
Events.
 Recent Accounting Pronouncements
 No. 2010-09 2010-09),
 Net
Income (Loss) per Redeemable Unit and General Partner Unit Equivalents.
 18




---



##### Table of Contents



Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2010
    (Unaudited)
 8. Subsequent Event:
  19




---



##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Liquidity
    and Capital Resources
      Critical
Accounting Policies
 Partnerships
and Funds Investments.
 Partnerships and Funds Fair Value Measurements.
  Futures
Contracts.
 20




---



##### Table of Contents



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
  Options.
 21




---



##### Table of Contents



Results
of Operations
      22




---



##### Table of Contents



30-day 3-month 90-day
          23




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
 24




---



##### Table of Contents



September 30, 2010

    (Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
        11,122,172
    
    
    
        6.33
    %Energy
    
    
        9,131,839
    
    
    
        5.19
    %Grains
    
    
        538,143
    
    
    
    0.31
    %Interest Rates U.S.
    
    
        1,730,065
    
    
    
        0.98
    %Interest Rates Non-U.S.
    
    
        2,486,775
    
    
    
    1.41
    %Livestock
    
    
        151,019
    
    
    
    0.09
    %Lumber
    
    
        3,751
    
    
    
    0.00
    %*Metals
    
    
        1,316,547
    
    
    
    0.75
    %Softs
    
    
        709,629
    
    
    
    0.40
    %Indices
    
    
        5,217,423
    
    
    
        2.96
    %Total
    
    $
        32,407,363
    
    
    
        18.42
    %
 *
    
    Due to rounding    September 30, 2010

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


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    4,723,327
    
    
    
    2.68
    %
    
    $
    4,540,703
    
    
    $
    1,659,287
    
    
    $
    4,240,701Energy
    
    
    1,185,109
    
    
    
    0.67
    %
    
    
    1,408,566
    
    
    
    648,963
    
    
    
    997,149Grains
    
    
    365,437
    
    
    
    0.21
    %
    
    
    447,725
    
    
    
    229,160
    
    
    
    324,134Interest Rates U.S.
    
    
    1,418,050
    
    
    
    0.81
    %
    
    
    1,930,750
    
    
    
    868,500
    
    
    
    1,626,700Interest Rates Non-U.S.
    
    
    1,664,986
    
    
    
    0.95
    %
    
    
    2,515,423
    
    
    
    1,303,495
    
    
    
    2,027,373Livestock
    
    
    126,200
    
    
    
    0.07
    %
    
    
    208,700
    
    
    
    43,825
    
    
    
    146,108Metals
    
    
    994,847
    
    
    
    0.56
    %
    
    
    1,061,550
    
    
    
    518,483
    
    
    
    914,607Softs
    
    
    429,424
    
    
    
    0.24
    %
    
    
    605,421
    
    
    
    232,037
    
    
    
    450,305Indices
    
    
    2,791,691
    
    
    
    1.59
    %
    
    
    2,791,691
    
    
    
    1,591,464
    
    
    
    2,154,990Total
    
    $
    13,699,071
    
    
    
    7.78
    %   *
    
    Average of month-end Values at Risk. 25




---



##### Table of Contents



September 30, 2010
    
    (Unaudited)
  Three months ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    2,717,787
    
    
    
    3.80
    %
    
    $
    3,481,070
    
    
    $
    1,121,732
    
    
    $
    2,542,919Energy
    
    
    2,120,778
    
    
    
    2.96
    %
    
    
    2,479,469
    
    
    
    494,043
    
    
    
    1,737,547Grains
    
    
    506,468
    
    
    
    0.71
    %
    
    
    717,726
    
    
    
    136,257
    
    
    
    459,045Interest Rates U.S.
    
    
    662,000
    
    
    
    0.92
    %
    
    
    1,193,750
    
    
    
    525,800
    
    
    
    818,867Interest Rates Non -U.S.
    
    
    932,335
    
    
    
    1.30
    %
    
    
    1,833,421
    
    
    
    652,035
    
    
    
    1,094,642Livestock
    
    
    72,784
    
    
    
    0.10
    %
    
    
    142,450
    
    
    
    59,050
    
    
    
    99,078Lumber
    
    
    11,000
    
    
    
    0.02
    %
    
    
    27,500
    
    
    
    6,600
    
    
    
    11,733Metals
    
    
    626,073
    
    
    
    0.87
    %
    
    
    2,589,641
    
    
    
    421,483
    
    
    
    1,101,345Softs
    
    
    821,717
    
    
    
    1.15
    %
    
    
    937,879
    
    
    
    262,952
    
    
    
    634,590Indices
    
    
    4,081,241
    
    
    
    5.70
    %
    
    
    4,339,373
    
    
    
    577,280
    
    
    
    3,350,977Total
    
    $
    12,552,183
    
    
    
    17.53
    %   *
    
    Average of  month-end Values at Risk.    September 30, 2010

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


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy
    
    $
    11,194,988
    
    
    
    27.61
    %
    
    $
    14,741,157
    
    
    $
    2,149,045
    
    
    $
    6,893,887Totals
    
    $
    11,194,988
    
    
    
    27.61
    % *
    
    Average of month-end Values at Risk.  September 30, 2010
(Unaudited)
 Three months ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    

Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    7,839,656
    
    
    
    19.97
    %
    
    $
    7,839,656
    
    
    $
    633,809
    
    
    $
    5,593,566Energy
    
    
    116,250
    
    
    
    0.30
    %
    
    
    221,000
    
    
    
    105,000
    
    
    
    147,417Interest Rates U.S.
    
    
    123,600
    
    
    
    0.32
    %
    
    
    284,100
    
    
    
    25,600
    
    
    
    70,800Interest Rates Non-U.S.
    
    
    721,867
    
    
    
    1.84
    %
    
    
    1,828,039
    
    
    
    245,339
    
    
    
    1,122,892Metals
    
    
    155,028
    
    
    
    0.40
    %
    
    
    189,028
    
    
    
    63,765
    
    
    
    138,019Indices
    
    
    1,481,417
    
    
    
    3.78
    %
    
    
    1,481,417
    
    
    
    126,630
    
    
    
    939,555Total
    
    $
    10,437,818
    
    
    
    26.61
    %
 *
    
    Average of month-end Values at Risk. 26




---



##### 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.   27




---



##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   28




---



##### Table of Contents



Item 1A.
    Risk
    Factors    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.        (d) Maximum Number(c) Total Number of



(or ApproximateRedeemable



Dollar Value) of(b) Average



Units Purchased



Redeemable Units(a) Total Number of



Price Paid per



as Part of



that May Yet BeRedeemable



Redeemable



Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit**



Plans or Programs



Plans or ProgramsJuly 1, 2010 
July 31, 2010



578.1025



$
1,365.59




N/A




N/AAugust 1, 2010 
August 31, 2010



2,464.5580



$
1,427.32




N/A




N/ASeptember 1, 2010 
September 30, 2010



1,456.5365



$
1,450.71




N/A




N/ATotal



4,499.1970



$
1,426.96       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    [Removed
and Reserved].  Item 5.
    Other
    Information.  29




---



##### Table of Contents



Item 6.
    Exhibits 3.1(a)
    
    Certificate of Limited Partnership dated June 30, 2003 (filed as
Exhibit 3.1 to the General Form for Registration of Securities on
Form 10 filed on April 30, 2008 and incorporated herein by
reference).(b)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 21, 2005 (filed as Exhibit 3.1(a) to the General
Form for Registration of Securities on Form 10 filed on April 30,
2008 and incorporated herein by reference).(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 19, 2008 (filed as Exhibit 3.1(c) to the Quarterly
Report on Form 10-Q filed on November 16, 2009 and incorporated
herein by reference).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership
dated September 28, 2009 (filed as Exhibit 99.1 to the Current
Report on Form 8-K filed on September 30, 2009 and incorporated
herein by reference).(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated June 30, 2010 (filed as Exhibit 3.1(e) to the Current Report on Form 8-K filed on July 2, 2010 and incorporated herein by reference).3.2
    
    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, 2009 to June 30, 2010 (filed as Exhibit
10.1(b) on Form 10-K filed on March 31, 2010 and incorporated
herein by reference).10.2(a)
    
    Management Agreement among the Partnership, the General Partner
and Fall River Capital LLC (filed as Exhibit 10.2 to the General
Form for Registration of Securities on Form 10 filed on April 30,
2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Fall River Capital LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.2(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.3(a)
    
    Management Agreement among the Partnership, the General Partner
and Waypoint Capital Management LLC (filed as Exhibit 10.4 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Waypoint Capital Management LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.3(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.4(a)
    
    Management Agreement among the Partnership, the General Partner
and Xplor Capital Management, LLC (filed as Exhibit 10.5 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Xplor Capital Management, LLC
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.4(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.5(a)
    
    Management Agreement among the Partnership the General Partner and
Avant (filed as Exhibit 10.6 to the General Form for Registration
of Securities on Form 10 filed on April 30, 2008 and incorporated
herein by reference).(b)
    
    Letter from the General Partner to Avant extending the Management
Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit
10.5(b) on Form 10-K filed on March 31, 2010 and incorporated
herein by reference).
 30




---



##### Table of Contents



10.6(a)
    
    Management Agreement among the Partnership, the General Partner
and Cantab Capital Partners LLP (filed as Exhibit 10.7 to the
General Form for Registration of Securities on Form 10 filed on
April 30, 2008 and incorporated herein by reference).(b)
    
    Letter from the General Partner to Cantab Capital Partners LLP
extending the Management Agreement from June 30, 2009 to June 30,
2010 (filed as Exhibit 10.6(b) on Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.7
    
    Customer Agreement between the Partnership, the General Partner
and CGM (filed as Exhibit 10.9 to the General Form for
Registration of Securities on Form 10 filed on April 30, 2008
and incorporated herein by reference).10.8
    
    Amended and Restated Agency Agreement between the Partnership, the General Partner,
CGM and MSSB (filed as Exhibit 10.8 to the Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference).10.9
    
    Form of Subscription Agreement (filed as Exhibit 10.11 to the
Quarterly Report on Form 10-Q filed on November 16, 2009 and
incorporated herein by reference).10.10 (a)
    
    Management Agreement among the Partnership, the General Partner
and Sasco (filed as Exhibit 10.1 to the Current Report on
Form 8-K filed on April 21, 2009 and incorporated herein by
reference).(b)
    
    Letter from the General Partner to Sasco extending the
Management Agreement from June 30, 2009 to June 30, 2010 (filed
as Exhibit 10.10(b) on Form 10-K filed on March 31, 2010 and
incorporated herein by reference).10.11
    
    Joinder Agreement among the Partnership, the General Partner,
CGM and MSSB (filed as Exhibit 10 to the Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2009 filed on
August 14, 2009 and incorporated herein by reference).10.12
    
    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
    
    Management Agreement among the Partnership, the General Partner
and J E Moody & Company LLC (filed as Exhibit 10.14 on Form 10-K
filed on March 31, 2010 and incorporated herein by reference).10.15
    
    Management Agreement among the Partnership, the General Partner
and Cirrus Capital Management LLC (filed as Exhibit 10.1 on Form
8-K filed on May 5, 2010 and incorporated herein by reference).
  (a)
    
    31.1  Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)31.2 Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer, Secretary
and Director)32.1 Section 1350 Certification (Certification of President and Director)32.2 Section 1350
Certification (Certification of Chief Financial Officer, Secretary and
Director)
 31




---



##### Table of Contents



SIGNATURES
    EMERGING
CTA PORTFOLIO L.P.
  By:

Ceres Managed Futures LLC(General
    Partner)By:

/s/ Walter DavisWalter Davis
    President and DirectorDate:

November 12, 2010By:

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

November 12, 2010