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, 2008
  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
  12b-2
  Large
    accelerated filer
    Accelerated filer
    Non-accelerated
    filer X  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 September 30, 2008 and
    December 31, 2007 (unaudited)

3Schedules of Investments at September 30, 2008 and
    December 31, 2007  (unaudited)

4  5Statements of Income and Expenses and Partners Capital for
    the three and nine months ended September 30, 2008 and 2007
    (unaudited)

6Statements of Cash Flows for the nine months ended
    September 30, 2008 and 2007 (unaudited)

7Notes to Financial Statements (unaudited)

8  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  27  2




---



##### 



PART I Item 1.
    Financial Statements Citigroup
    Emerging CTA Portfolio L.P.
    Statements of Financial Condition
    (Unaudited)  September 30,


December 31,2008


2007Assets:Investment in Partnerships, at fair value

$
44,520,125


$
49,148,276Equity in commodity futures trading account:Cash


115,865,664



85,365,113Cash
margin


4,068,495



6,001,767Net unrealized appreciation on open futures contracts


801,582



768,934Unrealized appreciation on open forward contracts


9,251,282



Commodity options owned, at fair value (cost $569,600 and $0 in 2008 and 2007, respectively)


21,056



174,528,204



141,284,090Distribution receivable


40,587



123,175Interest receivable


106,394



229,609Total assets

$
174,675,185


$
141,636,874Liabilities and Partners Capital:Liabilities:Unrealized depreciation on open forward contracts

$
9,173,712


$
Accrued expenses:Brokerage commissions


482,713



397,113Management fees


274,971



226,201Administrative fees


68,743



56,550Incentive fees


570,225



340,069General Partner incentive fees


471,602



166,156Other


36,214



35,699Redemptions payable


1,812,346



1,481,282Total liabilities


12,890,526



2,703,070Partners Capital:General Partner, 129.0000 Unit equivalents outstanding in 2008
    and 2007, respectively


171,205



162,796Limited Partners, 121,772.5513 and 109,962.8591 Redeemable Units
    of Limited Partnership Interest outstanding in 2008 and 2007,
    respectively


161,613,454



138,771,008Total partners capital


161,784,659



138,933,804Total liabilities and partners capital

$
174,675,185


$
141,636,874    3




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Schedule of Investments
   September 30, 2008
    (Unaudited)  % of PartnersFair Value


CapitalFutures Contracts PurchasedCurrencies

$
54,996



0.03
%Energy


(3,818
)


(0.00
)*Grains


(4,260
)


(0.00
)*Indices


3,340



0.00
*Interest Rates U.S


(14,605
)


(0.01
)Interest Rates Non-U.S


228,229



0.14Livestock


(1,560
)


(0.00
)*Metals


(4,220
)


(0.00
)*Total futures contracts purchased


258,102



0.16Futures Contracts SoldCurrencies


40,424



0.03Energy


(456,781
)


(0.28
)Grains


85,884



0.05Indices


482,036



0.30Interest Rates U.S


87,594



0.05Interest Rates Non-U.S


(5,157
)


(0.00
)*Livestock


8,400



0.01Metals


101,665



0.06Softs


199,415



0.12Total futures contracts sold


543,480



0.34Net unrealized appreciation on open futures contracts


801,582



0.50Unrealized Appreciation on Open Forward ContractsCurrencies


2,375,215



1.47Metals


6,876,067



4.25Total unrealized appreciation on open forward contracts


9,251,282



5.72Unrealized Depreciation on Open Forward ContractsCurrencies


(2,096,157
)


(1.30
)Metals


(7,077,555
)


(4.37
)Total unrealized depreciation on open forward contracts


(9,173,712
)


(5.67
)Options OwnedEnergy


21,056



0.01Investment in PartnershipsCMF Altis Partners Master Fund LP


27,938,839



17.27CMF Avant Master Fund LP


16,581,286



10.25Total investment in Partnerships


44,520,125



27.52Total fair value

$
45,420,333



28.08
%    *
    
    Due to rounding.   4




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Schedule of Investments
    December 31, 2007
    (Unaudited)
  % of PartnersFair Value


CapitalFutures Contracts PurchasedCurrencies

$
(86,912
)


(0.06
)%Energy


180,317



0.13Grains


338,467



0.24Indices


(200,924
)


(0.14
)Interest Rates U.S


81,347



0.06Interest Rates Non-U.S


12,250



0.01Metals


129,384



0.09Softs


136,696



0.10Total futures contracts purchased


590,625



0.43Futures Contracts SoldCurrencies


(36,451
)


(0.03
)Energy


(11,570
)


(0.01
)Grains


10,650



0.01Indices


72,037



0.05Interest Rates Non-U.S


146,485



0.10Livestock


22,850



0.02Metals


(5,967
)


(0.00
)*Softs


(19,725
)


(0.01
)Total futures contracts sold


178,309



0.13Net unrealized appreciation on open futures contracts


768,934



0.56Investment in PartnershipsCMF Altis Partners Master Fund LP


27,651,093



19.90CMF Avant Master Fund LP


21,497,183



15.47Total investment in Partnerships


49,148,276



35.37Total fair value

$
49,917,210



35.93
%   *
    
    Due to rounding.   5




---



##### 



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


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Income:Net gains (losses) on trading of commodity interests and
    investment in Partnerships:Net realized gains (losses) on closed positions

$
1,013,993


$
(4,457,531
)

$
10,050,812


$
4,828,272Change in net unrealized gains (losses) on open positions and
    investment in Partnerships


(9,463,820
)


(187,760
)


7,396,456



2,879,868Gain (loss) from trading, net


(8,449,827
)


(4,645,291
)


17,447,268



7,708,140Interest income


441,565



893,335



1,381,951



2,483,118Total income (loss)


(8,008,262
)


(3,751,956
)


18,829,219



10,191,258Expenses:Brokerage commissions, including clearing fees of $88,275,
    $65,638, $206,220 and $180,082, respectively


1,520,144



1,187,817



4,356,109



3,174,382Management fees


807,173



638,590



2,318,157



1,691,708Administrative fees


201,793



159,647



585,018



422,925Incentive fees


595,943



245,424



3,321,024



1,606,101General Partner incentive fees


(561,639
)


(357,846
)


471,602



48,461Other


87,071



17,768



171,340



51,967Total expenses


2,650,485



1,891,400



11,223,250



6,995,544Net income (loss)


(10,658,747
)


(5,643,356
)


7,605,969



3,195,714Additions  Limited Partners


15,300,000



19,945,000



37,831,000



64,300,000Redemptions  Limited Partners


(6,496,530
)


(12,303,543
)


(22,586,114
)


(23,907,579
)Net increase (decrease) in Partners Capital


(1,855,277
)


1,998,101



22,850,855



43,588,135Partners Capital, beginning of period


163,639,936



123,101,793



138,933,804



81,511,759Partners Capital, end of period

$
161,784,659


$
125,099,894


$
161,784,659


$
125,099,894Net Asset Value per Unit (121,901.5513 and 101,447.2601 Units
    outstanding at September 30, 2008 and 2007, respectively)

$
1,327.17


$
1,233.15


$
1,327.17


$
1,233.15Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent

$
(89.66
)

$
(57.32
)

$
65.19


$
33.81    6




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Statements of Cash Flows
    (Unaudited)  Nine Months EndedSeptember 30,2008


2007Cash flows from operating activities:Net income (loss)

$
7,605,969


$
3,195,714Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities:Changes in operating assets and liabilities:Purchases of investment in Partnerships


(10,745,000
)


(25,311,333
)Proceeds from sale of investment in Partnerships


23,290,522



7,532,139Net change in unrealized (appreciation) depreciation on
    investment in Partnerships


(7,917,371
)


(1,603,407
)(Increase) decrease in cash margin


1,933,272



1,589,860(Increase) decrease in net unrealized appreciation on open
    futures contracts


(32,648
)


(1,277,056
)(Increase) decrease in unrealized appreciation on open forward
    contracts


(9,251,282
)


210,797(Increase) decrease in commodity options owned, at fair value


(21,056
)


(Increase) decrease in distribution receivable


82,588



(Increase) decrease in interest receivable


123,215



(47,477
)Increase (decrease) in unrealized depreciation on open forward
    contracts


9,173,712



(210,195
)Accrued expenses:Increase (decrease) in brokerage commissions


85,600



143,387Increase (decrease) in management fees


48,770



81,694Increase (decrease) in administrative fees


12,193



20,424Increase (decrease) in incentive fees


230,156



(17,003
)Increase (decrease) in General Partner incentive fees


305,446



(85,498
)Increase (decrease) in other


515



10Net cash provided by (used in) operating activities


14,924,601



(15,777,944
)Cash flows from financing activities:Proceeds from additions  Limited Partners


37,831,000



64,300,000Payments for redemptions  Limited Partners


(22,255,050
)


(18,477,669
)Net cash provided by (used in) financing activities


15,575,950



45,822,331Net change in cash


30,500,551



30,044,387Cash, at beginning of period


85,365,113



44,215,387Cash, at end of period

$
115,865,664


$
74,259,774    7




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  1.
    General:          Form 10-12G
     8




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Net realized and unrealized gains (losses)*

$
(84,15
)

$
(59.34
)

$
111.55


$
47.63Interest income


3.63



8.62



11.66



27.23Expenses**


(9.14
)


(6.60
)


(58.02
)


(41.05
)Increase (decrease) for the period


(89.66
)


(57.32
)


65.19



33.81Net Asset Value per Redeemable Unit, beginning of period


1,416.83



1,290.47



1,261.98



1,199.34Net Asset Value per Redeemable Unit, end of period

$
1,327.17


$
1,233.15


$
1,327.17


$
1,233.15       Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****


(5.5
)%


(3.6
)%


(5.2
)%


(3.6
)%Operating expense


6.5
%


6.5
%


6.4
%


6.7
%Incentive fees



%


(0.1
)%


2.5
%


1.6
%Total expenses


6.5
%


6.4
%


8.9
%


8.3
%Total return:Total return before incentive fees


(6.3
)%


(4.5
)%


7.6
%


4.2
%Incentive fees



%


0.1
%


(2.4
)%


(1.4
)%Total return after incentive fees


(6.3
)%


(4.4
)%


5.2
%


2.8
%         3.
    Trading
    Activities:   9




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
        4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157,
   10




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable Inputs9/30/2008


Assets (Level 1)


(Level 2)


(Level 3)AssetsFutures

$
801,582


$
801,582


$



$
Forwards


9,251,282







9,251,282



Options owned


21,056



21,056







Investment in Partnerships


44,520,125







44,520,125



Total assets

$
54,594,045


$
822,638


$
53,771,407


$
LiabilitiesForwards

$
9,173,712


$



$
9,173,712


$
Total liabilities


9,173,712







9,173,712



Total fair value

$
45,420,333


$
822,638


$
44,597,695


$
   5.
    Investment
    in Partnerships:       11




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
    give-up,
      September 30, 2008Total Assets


Total Liabilities


Total CapitalAltis Master

$
84,411,771


$
3,555,108


$
80,856,663Avant Master


70,390,528



16,633,570



53,756,958Total

$
154,802,299


$
20,188,678


$
134,613,621   December 31, 2007Total Assets


Total Liabilities


Total CapitalAltis Master

$
73,353,710


$
1,094,835


$
72,258,875Avant Master


66,335,555



3,664,226



62,671,329Total

$
139,689,265


$
4,759,061


$
134,930,204  12




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
    September 30, 2008% of





For the three months ended September 30, 2008Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedCMF Altis Partners Master Fund LP


17.27
%

$
27,938,839


$
(5,322,193
)

$
18,880


$
3,102


$
(5,344,175
)


Commodity
    Portfolio



MonthlyCMF Avant Master Fund LP


10.25
%


16,581,286



(1,948,630
)


9,518



4,340



(1,962,488
)


Energy
    Markets



MonthlyTotal





$
44,520,125


$
(7,270,823
)

$
28,398


$
7,442


$
(7,306,663
)   September 30, 2008% of





For the nine months ended September 30, 2008Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedCMF Altis Partners Master Fund LP


17.27
%

$
27,938,839


$
6,341,827


$
50,235


$
10,152


$
6,281,440



Commodity
    Portfolio



MonthlyCMF Avant Master Fund LP


10.25
%


16,581,286



1,602,484



36,559



12,582



1,553,343



Energy
    Markets



MonthlyTotal





$
44,520,125


$
7,944,311


$
86,794


$
22,734


$
7,834,783   December 31, 2007% of





For the three months ended September 30, 2007Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedCMF Altis Partners
    Master Fund LP


19.90
%

$
27,651,093


$
(833,921
)

$
20,946


$
3,654


$
(858,521
)


Commodity
    Portfolio



MonthlyCMF Avant Master Fund LP


15.47
%


21,497,183



(1,310,577
)


31,258



3,016



(1,344,851
)


Energy
    Markets



MonthlyTotal





$
49,148,276


$
(2,144,498
)

$
52,204


$
6,670


$
(2,203,372
)   December 31, 2007% of





For the nine months ended September 30, 2007Partnerships


Fair


Income


Expenses


Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (Loss)


Objective


PermittedCMF Altis Partners Master Fund LP


19.90
%

$
27,651,093


$
3,186,605


$
51,526


$
10,219


$
3,124,860



Commodity
    Portfolio



MonthlyCMF Avant Master Fund LP


15.47
%


21,497,183



(1,441,159
)


68,584



11,710



(1,521,453
)


Energy
    Markets



MonthlyTotal





$
49,148,276


$
1,745,446


$
120,110


$
21,929


$
1,603,407   6.
    Financial
    Instrument Risks:   13




---



##### 



Citigroup
    Emerging CTA Portfolio L.P.
    September to Financial Statements
    September 30, 2008
    (Unaudited)
             14




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
    Accounting Policies
  Use of Estimates.
  Investments.
  Fair Value Measurements.
 15




---



##### 



Forward Foreign Currency Contracts. agreed-upon
  Income Taxes.
      Recent Accounting Pronouncements.
 16




---



##### 



Results
    of Operations
              30-day 3-month
 17




---



##### 



and/or 90-day
         18




---



##### 



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




---



##### 



September 30,
    2008
    (Unaudited)
  Three Months Ended September 30, 2008Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies:-Exchange Traded Contracts

$
281,010



0.17
%

$
8,536,835


$
214,773


$
732,581-OTC Contracts


179,846



0.11
%


614,138



91,424



2,079,678Energy


371,342



0.23
%


3,061,824



33,050



1,165,103Grains


87,900



0.05
%


437,600



16,200



167,130Interest Rates U.S


314,954



0.20
%


1,041,450



230,400



648,658Interest Rates Non -U.S


602,892



0.37
%


1,397,487



496,820



1,125,743Livestock


19,960



0.01
%


68,100



13,640



52,813Metals-Exchange Traded Contracts


77,500



0.05
%


350,300



66,375



123,358-OTC Contracts


76,732



0.05
%


818,192



39,114



174,965Softs


232,980



0.14
%


544,557



222,847



305,154Indices


1,417,573



0.88
%


2,887,477



418,110



1,369,014Total

$
3,662,689



2.26
%   *
    
    Average month-end Values at Risk 20




---



##### 



September 30,
    2008
    (Unaudited)
  Three months ended September 30, 2008% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Commodity Index

$
25,800



0.03
%

$
48,000


$
8,600


$
21,933Currencies: Exchange Traded Contracts


1,276,045



1.58
%


2,133,841



1,106,800



1,353,718Energy


1,594,771



1.97
%


4,105,253



524,150



1,422,792Grains


776,014



0.96
%


1,668,316



415,944



665,706Interest Rates U.S.


630,917



0.78
%


1,171,750



116,207



472,749Interest Rates Non -U.S.


1,280,060



1.58
%


1,987,012



450,742



1,078,142Livestock


272,900



0.34
%


299,700



108,120



191,567Metals: Exchange Traded Contracts


430,747



0.53
%


1,429,880



267,830



658,079 OTC Contracts


1,565,022



1.94
%


2,139,082



913,638



1,453,031Softs


808,786



1.00
%


888,084



561,993



707,272Indices


2,298,877



2.84
%


4,329,386



660,145



2,024,404Lumber


46,200



0.06
%


63,100



26,700



39,767Total

$
11,006,139



13.61
%   *
    
    Average month-end Values at Risk    September 30,
    2008
    (Unaudited)
  Three months ended September 30, 2008% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
2,753,564



5.12
%

$
4,896,869


$
890,731


$
2,320,771Totals

$
2,753,564



5.12
%   *
    
    Average of month-end Values at Risk 21




---



##### 



Item 4T.
    Controls
    and Procedures      Rule 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 U.S. generally accepted
    accounting principles, 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.   Research Analyst Litigation
  Subprime-Mortgage-Related Litigation
    Auction Rate Securities-Related Litigation
   23




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24




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Item 1A.
    Risk
    Factors     25




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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 ProgramsJuly 1, 2008 
    July 31, 2008



2,101.2362



$
1,314.94




N/A




N/AAugust 1, 2008 
    August 31, 2008



1,470.7513



$
1,306.26




N/A




N/ASeptember 1, 2008 
    September 30, 2008



1,365.5717



$
1,327.17




N/A




N/A4,937.5592



$
1,315.74       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    Submission
    of Matters to a Vote of Security
    Holders.  None.  Item 5.
    Other
    Information. None.  26




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Item 6.
    Exhibits  Regulation S-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     27




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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:

November 14, 2008By:

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

November 14, 2008  28