##### Table of Contents



UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  For The
    Quarterly Period ended June 30, 2009
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  
  0-53211
  CITIGROUP
    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 Citigroup
    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




---



##### 



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

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

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

4  5Statements of Income and Expenses and Partners Capital for
    the three and six months ended June 30, 2009 and 2008
    (unaudited)

6Notes to Financial Statements (unaudited)

7  14Item 2.

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

15  18Item 3.

Quantitative and Qualitative Disclosures about Market Risk

19  21Item 4T.

Controls and Procedures

22PART II - Other Information



23  26ExhibitsEX-10 --JOINDER 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 Citigroup
    Emerging CTA Portfolio L.P.
    Statements of Financial Condition
    (Unaudited)  June 30,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Partnerships, at fair value
    
    $
    63,361,155
    
    
    $
    51,209,248Equity in trading account:Cash
    
    
    84,024,538
    
    
    
    116,717,439Cash margin
    
    
    17,807,426
    
    
    
    7,320,973Net
unrealized appreciation on open futures contracts
    
    
    1,607,758
    
    
    
    4,286,597Net unrealized appreciation on open forward contracts
    
    
    198,073
    
    
    
    581,962166,998,950
    
    
    
    180,116,219Interest receivable
    
    
    8,396
    
    
    
    2,371Total assets
    
    $
    167,007,346
    
    
    $
    180,118,590Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    487,105
    
    
    $
    525,346Management fees
    
    
    277,389
    
    
    
    299,205Administrative fees
    
    
    69,347
    
    
    
    74,801Incentive fees
    
    
    614,533
    
    
    
    2,574,101General Partner incentive fees
    
    
    
    
    
    
    1,750,838Other
    
    
    86,921
    
    
    
    69,951Redemptions payable
    
    
    2,844,175
    
    
    
    7,578,559Total liabilities
    
    
    4,379,470
    
    
    
    12,872,801Partners Capital:General Partner, 129.0000 Unit equivalents outstanding
at June 30, 2009 and December 31, 2008, respectively
    
    
    186,476
    
    
    
    194,329Limited
Partners, 112,373.5448 and 110,892.2887 Redeemable Units of Limited
Partnership Interest outstanding at June 30, 2009 and December 31, 2008, respectively
    
    
    162,441,400
    
    
    
    167,051,460Total partners capital
    
    
    162,627,876
    
    
    
    167,245,789Total liabilities and partners capital
    
    $
    167,007,346
    
    
    $
    180,118,590
  3




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##### Table of Contents



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies
    
    
    219
    
    
    $
    (69,655
    )
    
    
    (0.04
    )%Energy
    
    
    239
    
    
    
    (91,625
    )
    
    
    (0.06
    )Grains
    
    
    172
    
    
    
    (786,987
    )
    
    
    (0.48
    )Indices
    
    
    31
    
    
    
    270
    
    
    
    0.00
    *Interest Rates U.S.
    
    
    1,533
    
    
    
    182,394
    
    
    
    0.11Interest Rates Non-U.S.
    
    
    1,854
    
    
    
    887,019
    
    
    
    0.55Metals
    
    
    9
    
    
    
    (2,850
    )
    
    
    (0.00
    )*Softs
    
    
    75
    
    
    
    (9,253
    )
    
    
    (0.01
    )Total futures contracts purchased
    
    
    
    
    
    
    109,313
    
    
    
    0.07Futures Contracts SoldCurrencies
    
    
    154
    
    
    
    (25,066
    )
    
    
    (0.01
    )Energy
    
    
    329
    
    
    
    87,661
    
    
    
    0.05Grains
    
    
    754
    
    
    
    1,659,154
    
    
    
    1.02Indices
    
    
    782
    
    
    
    (57,636
    )
    
    
    (0.04
    )Interest Rates U.S.
    
    
    31
    
    
    
    (388
    )
    
    
    (0.00
    )*Interest Rates Non-U.S.
    
    
    61
    
    
    
    (288,109
    )
    
    
    (0.18
    )Livestock
    
    
    106
    
    
    
    (66,760
    )
    
    
    (0.04
    )Metals
    
    
    94
    
    
    
    19,506
    
    
    
    0.01Softs
    
    
    496
    
    
    
    170,083
    
    
    
    0.11Total futures contracts sold
    
    
    
    
    
    
    1,498,445
    
    
    
    0.92Unrealized Appreciation on Forward ContractsCurrencies
    
    
    81,207,028
    
    
    
    1,445,475
    
    
    
    0.89Metals
    
    
    202
    
    
    
    1,192,243
    
    
    
    0.73Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2,637,718
    
    
    
    1.62Unrealized Depreciation on Forward ContractsCurrencies
    
    
    88,338,972
    
    
    
    (1,170,317
    )
    
    
    (0.72
    )Metals
    
    
    215
    
    
    
    (1,269,328
    )
    
    
    (0.78
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2,439,645
    )
    
    
    (1.50
    )Investment in PartnershipsCMF Altis Partners Master Fund LP
    
    
    
    
    
    
    28,873,263
    
    
    
    17.76CMF Avant Master Fund LP
    
    
    
    
    
    
    16,040,995
    
    
    
    9.86CMF Sasco Master Fund LP
    
    
    
    
    
    
    18,446,897
    
    
    
    11.34Total investment in Partnerships
    
    
    
    
    
    
    63,361,155
    
    
    
    38.96Total fair value
    
    
    
    
    
    $
    65,166,986
    
    
    
    40.07
    %   *
    
    Due to rounding.   4




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##### Table of Contents



Citigroup
    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



Citigroup
    Emerging CTA Portfolio L.P.Statements of Income and Expenses and
    Partners Capital
    (Unaudited)
  Three Months Ended

Six Months EndedJune 30,

June 30,2009

2008

2009

2008Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts

$
(3,589,132
)

$
732,660


$
2,410,437


$
9,036,819Net realized
gains (losses) on investment in Partnerships


187,040



1,125,059



(2,526,293
)


6,322,214Change in net unrealized gains (losses) on open contracts


4,648,121



2,213,955



(3,062,728
)


1,718,832Change in net unrealized gains (losses) on investment
in Partnerships


1,432,207



9,115,423



2,658,497



8,475,130Gain (loss) from trading, net


2,678,236



13,187,097



(520,087
)


25,552,995Interest income


27,145



405,510



60,620



940,387Interest income from investment in Partnerships


14,933



159,261



28,719



417,788Total income (loss)


2,720,314



13,751,868



(430,748
)


26,911,170Expenses:Brokerage commissions including clearing fees


1,747,295



1,520,462



3,478,834



2,894,361Management fees


826,349



782,933



1,668,072



1,510,984Administrative fees


206,586



201,211



417,017



383,225Incentive fees


614,533



1,688,543



914,653



2,725,081General Partner incentive fees






531,307







1,033,241Other


153,524



56,324



253,506



99,562Total expenses


3,548,287



4,780,780



6,732,082



8,646,454Net income (loss)


(827,973
)


8,971,088



(7,162,830
)


18,264,716Additions  Limited Partners


12,495,000



11,460,000



25,325,000



22,531,000Proceeds from Limited Partners redemption fees


22,973







222,349



Redemptions  Limited Partners


(8,844,638
)


(9,609,507
)


(23,002,432
)


(16,089,584
)Net increase (decrease) in Partners Capital


2,845,362



10,821,581



(4,617,913
)


24,706,132Partners Capital, beginning of period


159,782,514



152,818,355



167,245,789



138,933,804Partners Capital, end of period

$
162,627,876


$
163,639,936


$
162,627,876


$
163,639,936Net Asset Value per Unit
(112,502.5448 and 115,496.8842 Units
outstanding at June 30, 2009 and 2008, respectively)

$
1,445.55


$
1,416.83


$
1,445.55


$
1,416.83Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent

$
(7.26
)

$
75.04


$
(62.82
)

$
154.85
  6




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##### Table of Contents



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




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##### Table of Contents



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    $
    8.14
    
    
    $
    97.86
    
    
    $
    (35.11
    )
    
    $
    192.26Interest income
    
    
    0.37
    
    
    
    4.80
    
    
    
    0.79
    
    
    
    11.63Expenses **
    
    
    (15.77
    )
    
    
    (27.62
    )
    
    
    (28.50
    )
    
    
    (49.04
    )Increase (decrease) for the period
    
    
    (7.26
    )
    
    
    75.04
    
    
    
    (62.82
    )
    
    
    154.85Proceeds from Limited Partners early redemption fees
    
    
    0.20
    
    
    
    
    
    
    
    1.94
    
    
    
    Net Asset Value per Redeemable Unit Limited Partnership Interest, beginning of period
    
    
    1,452.61
    
    
    
    1,341.79
    
    
    
    1,506.43
    
    
    
    1,261.98Net Asset Value per Redeemable Unit Limited Partnership Interest, end of period
    
    $
    1,445.55
    
    
    $
    1,416.83
    
    
    $
    1,445.55
    
    
    $
    1,416.83       Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.2
    )%
    
    
    (5.1
    )%
    
    
    (7.1
    )%
    
    
    (4.6
    )%Operating expense
    
    
    7.3
    %
    
    
    6.6
    %
    
    
    7.2
    %
    
    
    6.4
    %Incentive fees
   
    
    0.4
    %
    
    
    1.4
    %
    
    
    0.6
    %
    
    
    2.5
    %Total expenses
    
    
    7.7
    %
    
    
    8.0
    %
    
    
    7.8
    %
    
    
    8.9
    %Total return:Total return
before incentive fees

    
    
    (0.1
    )%
    
    
    7.1
    %
    
    
    (3.5
    )%
    
    
    15.0
    %Incentive fees
    
    
    (0.4
    )%
    
    
    (1.5
    )%
    
    
    (0.5
    )%
    
    
    (2.7
    )%Total return
after incentive fees
    

    
    (0.5
    )%
    
    
    5.6
    %
    
    
    (4.0
    )%
    
    
    12.3
    %         3.
    Trading
    Activities:   8




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##### Table of Contents



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
         June 30, 2009
    
    
    
    
    
    
    June 30, 2009Assets
    
    
    
    
    
    AssetsFutures
Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    129,063
    
    
    Currencies
    
    $
    1,445,475Energy
    
    
    258,883
    
    
    Metals
    
    
    1,192,243Grains
    
    
    1,674,149Indices
    
    
    273,458Interest Rates U.S.
    
    
    316,711Interest Rates Non-U.S.
    
    
    975,430Metals
    
    
    40,405Softs
    
    
    276,837Total unrealized appreciation on open futures
contracts
    
    $
    3,944,936
    
    


Total
unrealized appreciation on open forward contracts
    
    $
    2,637,718Liabilities
    
    
    
    
    
    LiabilitiesFutures
Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    (223,784
    )
    
    Currencies
    
    $
    (1,170,317
    )Energy
    
    
    (262,848
    )
    
    Metals
    
    
    (1,269,328
    )Grains
    
    
    (801,983
    )Indices
    
    
    (330,823
    )Interest Rates U.S.
    
    
    (134,704
    )Interest Rates Non-U.S.
    
    
    (376,520
    )Livestock
    
    
    (66,760
    )Metals
    
    
    (23,749
    )Softs
    
    
    (116,007
    )Total unrealized depreciation on open futures
contracts
    
    $
    (2,337,178
    )
    
Total
unrealized depreciation on open forward contracts
    
    $
    (2,439,645
    )Net unrealized appreciation on open futures contracts
    
    $
    1,607,758
    *
    

Net
unrealized appreciation on open forward contracts
    
    $
    198,073
    **
 *
    
    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



Three Months Ended
    
    
    Six Months EndedJune 30, 2009
    
    
    June 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    1,112,024
    
    
    $
    718,056Energy
    
    
    (730,005
    )
    
    
    473,157Grains
    
    
    1,644,014
    
    
    
    1,609,265Indices
    
    
    (656,205
    )
    
    
    1,533,295Interest Rates U.S.
    
    
    (708,204
    )
    
    
    (2,034,106
    )Interest Rates Non-U.S.
    
    
    633,234
    
    
    
    (1,916,311
    )Livestock
    
    
    149,200
    
    
    
    (126,911
    )Softs
    
    
    232,267
    
    
    
    311,120Metals
    
    
    (617,336
    )
    
    
    (1,219,856
    )Total
    
    $
    1,058,989
    
    
    $
    (652,291
    )
  4.
    Fair Value
Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements Effective Date of FASB
Statement No. 157
   10




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##### Table of Contents



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


Significant Other


Significantfor Identical


Observable Inputs


Unobservable Inputs6/30/2009


Assets (Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships
    
    $
    63,361,155
    
    
    $
    
    
    
    $
    63,361,155
    
    
    $
    Futures
    
    
    1,607,758
    
    
    
    1,607,758
    
    
    
    
    
    
    
    Forwards
    
    
    275,158
    
    
    
    
    
    
    
    275,158
    
    
    
    Total assets
    
    $
    65,244,071
    
    
    $
    1,607,758
    
    
    $
    63,636,313
    
    
    
    LiabilitiesForwards
    
    $
    77,085
    
    
    $
    77,085
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    77,085
    
    
    
    77,085
    
    
    
    
    
    
    
    Total fair value
    
    $
    65,166,986
    
    
    $
    1,530,673
    
    
    $
    63,636,313
    
    
    $
    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



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial StatementsJune 30, 2009
    (Unaudited)
        give-up,
      June 30, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalAltis Master
    
    $
    84,903,096
    
    
    $
    9,439
    
    
    $
    84,893,657Avant Master
    
    
    17,576,029
    
    
    
    1,536,476
    
    
    
    16,039,553Sasco Master
    
    
    28,893,296
    
    
    
    46,435
    
    
    
    28,846,861Total
    
    $
    131,372,421
    
    
    $
    1,592,350
    
    
    $
    129,780,071December 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



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
   June 30, 2009% of
    
    
    
    
    
    
 For the three months ended June 30, 2009Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.76
    %
    
    $
    28,873,263
    
    
    $
    (57,924
    )
    
    $
    6,637
    
    
    $
    4,375
    
    
    $
    (68,936
    )
    
    Commodity
Portfolio
    
    MonthlyAvant Master
    
    
    9.86
    %
    
    
    16,040,995
    
    
    
    682,233
    
    
    
    10,610
    
    
    
    10,144
    
    
    
    661,479
    
    
    Energy
Markets
    
    MonthlySasco Master
    
    
    11.34
    %
    
    
    18,446,897
    
    
    
    1,009,871
    
    
    
    121,060
    
    
    
    40,115
    
    
    
    848,696
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    63,361,155
    
    
    $
    1,634,180
    
    
    $
    138,307
    
    
    $
    54,634
    
    
    $
    1,441,239
 June 30, 2009% of
    
    
    
    
    
    
For the six months ended June 30, 2009Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    17.76
    %
    
    $
    28,873,263
    
    
    $
    (1,802,523
    )
    
    $
    21,062
    
    
    $
    8,203
    
    
    $
    (1,831,788
    )
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    9.86
    %
    
    
    16,040,995
    
    
    
    953,575
    
    
    
    21,977
    
    
    
    16,592
    
    
    
    915,006
    
    
    Energy 
Markets
    
    MonthlySasco Master
    
    
    11.34
    %
    
    
    18,446,897
    
    
    
    1,009,871
    
    
    
    121,060
    
    
    
    40,115
    
    
    
    848,696
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    63,361,155
    
    
    $
    160,923
    
    
    $
    164,099
    
    
    $
    64,910
    
    
    $
    (68,086
    )
 December 31, 2008% of
    
    
    
    
    
    
    For the three months ended June 30, 2008Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    21.19
    %
    
    $
    35,435,099
    
    
    $
    8,600,106
    
    
    $
    12,704
    
    
    $
    3,415
    
    
    $
    8,583,987
    
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    9.43
    %
    
    
    15,774,149
    
    
    
    1,799,637
    
    
    
    12,600
    
    
    
    4,466
    
    
    
    1,782,571
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    51,209,248
    
    
    $
    10,399,743
    
    
    $
    25,304
    
    
    $
    7,881
    
    
    $
    10,366,558
 December 31, 2008% of
    
    
    
    
    
    
  For the six months ended June 30, 2008Partnerships
    
    
    
    
    
    
    
    
    
    
    Expenses
    
    
    Net Income
    
    
    Investment
    
    
    RedemptionNet Assets
    
    
    Fair Value
    
    
    Income (Loss)
    
    
    Commissions
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedAltis Master
    
    
    21.19
    %
    
    $
    35,435,099
    
    
    $
    11,664,019
    
    
    $
    31,355
    
    
    $
    7,051
    
    
    $
    11,625,613
    
    
    Commodity 
Portfolio
    
    MonthlyAvant Master
    
    
    9.43
    %
    
    
    15,774,149
    
    
    
    3,551,113
    
    
    
    27,042
    
    
    
    8,242
    
    
    
    3,515,829
    
    
    Energy 
Markets
    
    MonthlyTotal
    
    
    
    
    
    $
    51,209,248
    
    
    $
    15,215,132
    
    
    $
    58,397
    
    
    $
    15,293
    
    
    $
    15,141,442
 6. Financial Instrument Risks:
  13




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Citigroup
    Emerging CTA Portfolio L.P.
    September to Financial Statements
    June 30, 2009
    (Unaudited)
      14




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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. Effective Date of FASB Statement No. 157
  Futures Contracts.
 15




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##### Table of Contents



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
 Options.
 Income Taxes.
   Recent
Accounting Pronouncements.
 Subsequent Events.
 16




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##### Table of Contents



Results
    of Operations
            30-day 3-month
 17




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and/or 90-day
         18




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##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
 19




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


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies
    
    $
    3,619,628
    
    
    
    2.22
    %
    
    $
    8,246,502
    
    
    $
    3,532,381
    
    
    $
    6,393,846Energy
    
    
    898,007
    
    
    
    0.55
    %
    
    
    14,726,004
    
    
    
    537,777
    
    
    
    5,321,633Grains
    
    
    1,330,133
    
    
    
    0.82
    %
    
    
    1,330,133
    
    
    
    254,275
    
    
    
    750,186Interest Rates U.S.
    
    
    1,933,809
    
    
    
    1.19
    %
    
    
    2,930,108
    
    
    
    686,319
    
    
    
    1,878,982Interest Rates Non-U.S.
    
    
    2,897,677
    
    
    
    1.78
    %
    
    
    3,623,604
    
    
    
    1,474,324
    
    
    
    2,795,266Livestock
    
    
    145,530
    
    
    
    0.10
    %
    
    
    384,144
    
    
    
    60,750
    
    
    
    190,971Metals
    
    
    693,337
    
    
    
    0.42
    %
    
    
    1,190,742
    
    
    
    391,790
    
    
    
    768,798Softs
    
    
    913,267
    
    
    
    0.56
    %
    
    
    938,083
    
    
    
    435,790
    
    
    
    711,889Indices
    
    
    4,302,791
    
    
    
    2.65
    %
    
    
    4,679,972
    
    
    
    10,000
    
    
    
    2,167,742Total
    
    $
    16,734,179
    
    
    
    10.29
    %   *
    
    Average month-end Values at Risk 20




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


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    1,747,946
    
    
    
    2.06
    %
    
    $
    1,940,441
    
    
    $
    851,727
    
    
    $
    1,367,987Energy
    
    
    1,011,103
    
    
    
    1.19
    %
    
    
    2,143,145
    
    
    
    1,011,103
    
    
    
    1,506,509Grains
    
    
    493,049
    
    
    
    0.58
    %
    
    
    698,597
    
    
    
    319,102
    
    
    
    530,722Interest Rates U.S.
    
    
    379,512
    
    
    
    0.45
    %
    
    
    1,317,330
    
    
    
    345,620
    
    
    
    836,690Interest Rates Non-U.S.
    
    
    1,249,102
    
    
    
    1.47
    %
    
    
    1,818,335
    
    
    
    974,328
    
    
    
    1,412,354Livestock
    
    
    173,070
    
    
    
    0.20
    %
    
    
    266,895
    
    
    
    126,014
    
    
    
    194,043Metals
    
    
    1,565,322
    
    
    
    1.84
    %
    
    
    1,740,683
    
    
    
    507,229
    
    
    
    1,268,397Softs
    
    
    477,137
    
    
    
    0.56
    %
    
    
    782,168
    
    
    
    310,795
    
    
    
    498,749Indices
    
    
    1,040,595
    
    
    
    1.23
    %
    
    
    1,692,522
    
    
    
    38,250
    
    
    
    1,136,022Lumber
    
    
    4,950
    
    
    
    0.01
    %
    
    
    46,200
    
    
    
    4,950
    
    
    
    27,602Total
    
    $
    8,141,786
    
    
    
    9.59
    %   *
    
    Average month-end Values at Risk    June 30,
    2009
    (Unaudited)
  Three months ended June 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
2,487,831



15.51
%

$
3,685,389


$
2,252,948


$
2,918,148Totals

$
2,487,831



15.51
%   *
    
    Average of month-end Values at Risk    June 30,
    2009
    (Unaudited)
  Three Months Ended June 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy
    
    $
    5,314,060
    
    
    
    18.42
    %
    
    $
    12,757,216
    
    
    $
    164,835
    
    
    $
    5,294,344Totals
    
    $
    5,314,060
    
    
    
    18.42
    % *
    
    Average of month-end Values at Risk 21




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Item 4T.
    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.   22




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PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.   Enron-Related Civil Actions
 Acquisition
Partners, L.P., et al. v. J.P. Morgan Chase & Co., et al., Avenue Capital Management II, L.P.,
et al. v. J.P. Morgan Chase & Co., et al. UniCredito Italiano, SpA, et al. v. J.P. Morgan Chase Bank, et. al.
 Subprime Mortgage-Related Litigation
 Buckingham v. Citigroup Inc., et al. Chen v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation.
 Asher, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation
 Epirus Capital Management, LLC, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Securities Litigation
 Auction Rate Securities-Related Litigation
 Securities Actions. American Eagle Outfitters, Inc., et al. v. Citigroup Global
Markets Inc. In re Citigroup Inc. Auction Rate Securities Litigation Finn v. Smith Barney, et al.
 Texas Instruments Inc. v. Citigroup Global Markets Inc. et al.
 Governmental and Regulatory Actions.
 23




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Falcon and ASTA/MAT-Related Litigation
 Marie Raymond Revocable Trust, et al. v. MAT Five LLC, et al.
 In re MAT Five Securities Litigation.
 ECA Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Zentner v. Citigroup, et al. In re MAT Two Securities
Litigation, In re MAT Three Securities Litigation and In re MAT Five Securities Litigation.) In re MAT Five Securities
Litigation
 Zentner v. Citigroup, et al.
 Other Matters
 Underwriting Actions .
 American Home Mortgage In re American
Home Mortgage Securities Litigation
 American International Group In re American International Group, Inc. 2008 Securities Litigation
  Item 1A.
    Risk
    Factors   24




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



(or ApproximateRedeemable



Dollar Value) of(b) Average



Units Purchased



Redeemable Units(a) Total Number of



Price Paid per



as Part of



that May Yet BeRedeemable



Redeemable



Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit**



Plans or Programs



Plans or ProgramsApril 1, 2009 
    April 30, 2009



2,842.3606



$
1,415.99




N/A




N/AMay 1, 2009 
    May 31, 2009



1,354.3015



$
1,458.84




N/A




N/AJune 1, 2009 
    June 30, 2009



1,967.5383



$
1,445.55




N/A




N/ATotal



6,164.2004



$
1,434.84       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    Submission
    of Matters to a Vote of Security
    Holders.  None.  Item 5.
    Other
    Information.  Morgan Stanley/Citigroup Joint Venture
   25




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Item 6.
    Exhibits  Regulation S-K
    Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     26




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SIGNATURES
     CITIGROUP EMERGING CTA PORTFOLIO L.P.
  By:

Citigroup Managed Futures LLC(General
    Partner)By:

/s/ Jerry PascucciJerry
    Pascucci
    President and DirectorDate:

August 14, 2009By:

/s/ Jennifer MagroJennifer
    Magro
    Chief Financial Officer and DirectorDate:

August 14, 2009  27