EMERGING CTA PORTFOLIO LP - FORM 10-Q

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - EMERGING CTA PORTFOLIO LP	Financial_Report.xls
EX-32.1 - EX-32,1 - EMERGING CTA PORTFOLIO LP	y05256exv32w1.htm
EX-31.1 - EX-31.1 - EMERGING CTA PORTFOLIO LP	y05256exv31w1.htm
EX-32.2 - EX-32.2 - EMERGING CTA PORTFOLIO LP	y05256exv32w2.htm
EX-31.2 - EX-31.2 - EMERGING CTA PORTFOLIO LP	y05256exv31w2.htm

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, 2011

OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 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 - 14^th Floor

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(212) 296-1999

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	Accelerated filer	Non-accelerated filer X	Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

As of October 31, 2011, 134,642.3409 Limited Partnership Redeemable Units were outstanding.

EMERGING CTA PORTFOLIO L.P.

FORM 10-Q

INDEX


		Page
		Number

PART I - Financial Information:

Item 1.	Financial Statements:

	Statements of Financial Condition at September 30, 2011 (unaudited) and December 31, 2010	3

	Condensed Schedules of Investments at September 30, 2011 (unaudited) and December 31, 2010	4 – 5

	Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2011 and 2010 (unaudited)	6

	Notes to Financial Statements (unaudited)	7 – 18

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19 – 20

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21 – 26

Item 4.	Controls and Procedures	27

PART II - Other Information		28 – 32

Exhibits
Exhibit 31.1 Certification
Exhibit 31.2 Certification
Exhibit 32.1 Certification
Exhibit 32.2 Certification
101.INS XBRL Instance Document.
101.SCH XBRL Taxonomy Extension Schema Document.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB XBRL Taxonomy Extension Label Linkbase Document.
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

PART I

Item 1. Financial Statements

Emerging CTA Portfolio L.P.

Statements of Financial Condition


	(Unaudited)
	September 30,		December 31,
	2011		2010
Assets:
Investment in Funds, at fair value	$	155,380,825	$	93,009,857
Equity in trading account:
Cash		52,982,961		85,698,856
Cash margin		5,626,178		5,943,791
Net unrealized appreciation on open futures contracts		530,340		1,516,219
Net unrealized appreciation on open forward contracts		0		19,265
Options purchased, at fair value (cost $0 and $854,880 at September 30, 2011 and December 31, 2010, respectively)		0		901,226

Total trading equity		214,520,304		187,089,214
Interest receivable		0		7,439

Total assets	$	214,520,304	$	187,096,653


Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	707,752	$	0
Accrued expenses:
Brokerage fees		623,620		545,698
Management fees		282,392		279,142
Administrative fees		88,803		77,685
Incentive fees		2,007,712		500,939
General Partner incentive fees		491,255		0
Other		61,611		107,923
Redemptions payable		1,575,128		2,059,665

Total liabilities		5,838,273		3,571,052

Partners’ Capital:
General Partner, 1,438.9316 and 1,302.6036 unit equivalents outstanding at September 30, 2011 and December 31, 2010		2,206,544		1,927,332
Limited Partners, 134,646.6141 and 122,734.7189 Redeemable Units outstanding at September 30, 2011 and December 31, 2010, respectively		206,475,487		181,598,269

Total partners’ capital		208,682,031		183,525,601

Total liabilities and partners’ capital	$	214,520,304	$	187,096,653

Net asset value per unit	$	1,533.46	$	1,479.60

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.

Condensed Schedule of Investments
September 30, 2011
(Unaudited)


	Notional ($)/
	Number					% of Partners’
	of Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		51	$	(58,244	)		(0.03	)%
Energy		170		(1,097,128	)		(0.53	)
Grains		45		(234,849	)		(0.11	)
Indices		97		(133,464	)		(0.06	)
Interest Rates U.S.		429		(50,471	)		(0.02	)
Interest Rates Non-U.S.		693		91,030			0.04
Livestock		80		153,841			0.07
Metals		30		(205,258	)		(0.10	)
Softs		21		(50,605	)		(0.02	)

Total futures contracts purchased				(1,585,148	)		(0.76	)

Futures Contracts Sold
Currencies		153		175,844			0.08
Energy		181		1,036,897			0.50
Grains		115		464,690			0.22
Indices		41		(26,185	)		(0.01	)
Interest Rates U.S.		381		72,955			0.03
Interest Rates Non-U.S.		234		51,278			0.03
Livestock		7		(14,680	)		(0.01	)
Metals		16		273,993			0.13
Softs		61		80,696			0.04

Total futures contracts sold				2,115,488			1.01

Unrealized Appreciation on Forward Contracts
Currencies	$	39,291,107		1,234,635			0.59
Metals		162		2,798,413			1.34

Total unrealized appreciation on forward contracts				4,033,048			1.93

Unrealized Depreciation on Forward Contracts
Currencies	$	31,718,547		(1,272,278	)		(0.61	)
Metals		147		(3,468,522	)		(1.66	)

Total unrealized depreciation on forward contracts				(4,740,800	)		(2.27	)

Investment in Funds
CMF Altis Partners Master Fund L.P.				4,567,624			2.19
Waypoint Master Fund L.P.				23,677,204			11.35
Blackwater Master Fund L.P.				34,638,625			16.60
PGR Master Fund L.P.				26,688,813			12.79
JEM Master Fund L.P.				27,960,278			13.40
CMF Cirrus Master Fund L.P.				20,090,049			9.62
Flintlock Master Fund L.P.				17,758,232			8.51

Total investment in Funds				155,380,825			74.46

Net fair value			$	155,203,413			74.37	%

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.
Condensed Schedule of Investments
December 31, 2010


	Notional ($)/
	Number of					% of Partners’
	Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		200	$	313,957			0.17	%
Energy		62		233,896			0.13
Grains		250		538,738			0.29
Indices		163		16,869			0.01
Interest Rates U.S.		592		135,855			0.07
Interest Rates Non-U.S.		640		125,143			0.07
Livestock		214		259,202			0.14
Metals		75		315,525			0.17
Softs		66		18,323			0.01

Total futures contracts purchased				1,957,508			1.06

Futures Contracts Sold
Currencies		114		(56,972	)		(0.03	)
Energy		159		(55,211	)		(0.03	)
Grains		75		(191,587	)		(0.10	)
Indices		97		156,446			0.09
Interest Rates U.S.		6		25			0.00	*
Interest Rates Non-U.S.		22		7,402			0.00	*
Livestock		170		(207,591	)		(0.11	)
Softs		115		(93,801	)		(0.05	)

Total futures contracts sold				(441,289	)		(0.23	)

Unrealized Appreciation on Open Forward Contracts
Currencies	$	76,652,847		1,610,313			0.88
Metals		92		805,081			0.44

Total unrealized appreciation on open forward contracts				2,415,394			1.32

Unrealized Depreciation on Open Forward Contracts
Currencies	$	69,670,836		(1,639,341	)		(0.89	)
Metals		88		(756,788	)		(0.41	)

Total unrealized depreciation on open forward contracts				(2,396,129	)		(1.30	)

Options Purchased
Calls
Energy		106		295,740			0.16
Metals		109		574,070			0.31
Softs		11		31,416			0.02

Total options purchased				901,226			0.49

Investment in Funds
CMF Altis Partners Master Fund L.P.				17,568,791			9.57
CMF Sasco Master Fund L.P.				18,664,413			10.17
Waypoint Master Fund L.P.				21,455,619			11.69
Blackwater Master Fund L.P.				20,047,327			10.92
PGR Master Fund L.P.				15,273,707			8.32

Total investment in Funds				93,009,857			50.67

Net fair value			$	95,446,567			52.01	%


*		Due to rounding.

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.

Statements of Income and Expenses and Changes in Partners’ Capital
(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Investment Income:
Interest income	$	2,218		$	31,506		$	18,910		$	72,153
Interest income from investment in Funds		5,432			26,051			44,627			63,534

Total investment income		7,650			57,557			63,537			135,687

Expenses:
Brokerage fees including clearing fees		2,168,169			1,794,564			6,407,881			5,275,823
Management fees		839,570			870,478			2,566,820			2,555,129
Administrative fees		263,288			217,616			763,993			639,301
Incentive fees		1,996,865			368,580			2,273,172			416,676
General Partner incentive fees		491,255			0			491,255			0
Other		107,950			131,690			389,138			524,829

Total expenses		5,867,097			3,382,928			12,892,259			9,411,758

Net investment income (loss)		(5,859,447	)		(3,325,371	)		(12,828,722	)		(9,276,071	)

Trading Results:
Net gains (losses) on trading of commodity interests and investment in Funds:
Net realized gains (losses) on closed contracts		4,412,905			4,444,072			8,625,122			121,036
Net realized gains (losses) investment in Funds		10,369,281			(9,000,276	)		12,148,685			(654,068	)
Change in net unrealized gains (losses) on open contracts		(339,002	)		3,170,041			(1,759,242	)		3,796,860
Change in net unrealized gains (losses) on investment in Funds		4,353,973			14,528,265			1,533,737			11,518,890

Total trading results		18,797,157			13,142,102			20,548,302			14,782,718

Net income (loss)		12,937,710			9,816,731			7,719,580			5,506,647
Subscriptions — Limited Partners		5,770,385			6,508,000			40,333,869			25,946,000
Subscriptions — General Partner		0			0			200,000			0
Redemptions — Limited Partners		(8,379,284	)		(6,420,176	)		(23,097,019	)		(22,181,527	)

Net increase (decrease) in Partners’ Capital		10,328,811			9,904,555			25,156,430			9,271,120
Partners’ Capital, beginning of period		198,353,220			166,072,237			183,525,601			166,705,672

Partners’ Capital, end of period	$	208,682,031		$	175,976,792		$	208,682,031		$	175,976,792

Net asset value per unit (136,085.5457 and 121,303.6456 units outstanding at September 30, 2011 and 2010, respectively)	$	1,533.46		$	1,450.71		$	1,533.46		$	1,450.71

Net income (loss) per unit*	$	93.24		$	79.59		$	53.86		$	44.33

Weighted average units outstanding		138,554.0858			122,675.0654			137,311.8647			122,028.3974


*		Based on change in net asset value per unit.

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

1. General:

Emerging CTA Portfolio L.P. (the “Partnership”) is a limited partnership that was organized on July 7, 2003 under the partnership laws of the State of New York. The objective of the Partnership is to achieve capital appreciation through the allocation of assets to early-stage commodity trading advisors which engage, directly and indirectly, in speculative trading of a diversified portfolio of commodity interests, including futures, forwards and options. The Partnership may also enter into swap and other derivative transactions with the approval of the General Partner (defined below). The sectors traded include currencies, livestock, energy, grains, metals, indices, softs and U.S. and non-U.S. interest rates. The Partnership and the Funds, (as defined in Note 5 “Investment in Funds”) may trade futures, forward and option contracts of any kind. The commodity interests that are traded by the Partnership and the Funds are volatile and involve a high degree of market risk.

Between December 1, 2003 (commencement of the offering period) and August 5, 2004, 20,872 redeemable units of limited partnership interest (“Redeemable Units”) were sold at $1,000 per Redeemable Unit. The proceeds of the initial offering were held in an escrow account until August 6, 2004, at which time they were remitted to the Partnership for trading. The Partnership privately and continuously offers up to 300,000 Redeemable Units in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Morgan Stanley, indirectly through various subsidiaries, owns a majority equity interest in MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns a minority equity interest in MSSB Holdings. Citigroup Inc. (“Citigroup”), indirectly through various subsidiaries, wholly owns CGM. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup.

As of September 30, 2011, all trading decisions are made for the Partnership by multiple “emerging” commodity trading advisors (the “Advisors”) either directly, through individually managed accounts, or indirectly, through investments in other collective investment vehicles. Blackwater Capital Management, LLC (“Blackwater”), J E Moody & Company LLC (“JE Moody”), PGR Capital LLP (“PGR”), Waypoint Capital Management LLC (“Waypoint”) and Willowbridge Associates Inc. (“Willowbridge”) have been selected by the General Partner as major trading Advisors. In addition, the General Partner has allocated the Partnership’s assets to additional non-major trading Advisors. The Advisors are not affiliated with one another, are not affiliated with the General Partner or CGM and are not responsible for the organization or operation of the Partnership.

As of September 1, 2011, the Partnership began offering three classes of limited partnership interests: Class A units, Class D units and Class Z units; each will be referred be to as “Class” and collectively referred to as the “Classes”. All Redeemable Units issued prior to September 1, 2011 were deemed “Class A Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Class A units and Class D units are available to taxable U.S. individuals and institutions, as well as U.S. tax exempt individuals and institutions. Class Z units will be offered to certain employees of Morgan Stanley Smith Barney and its affiliates (and their family members). The Class of units that a Limited Partner receives upon subscription will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer units to investors at its discretion.

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at September 30, 2011 and December 31, 2010, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010.

The General Partner and each limited partner of the Partnership (each a “Limited Partner”) share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions.

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

2. Financial Highlights:

Changes in the net asset value per unit for the three and nine months ended September 30, 2011 and 2010 were as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net realized and unrealized gains (losses) *	$	119.90		$	92.05		$	100.56		$	77.07
Interest income		0.05			0.47			0.47			1.11
Expenses **		(26.71	)		(12.93	)		(47.17	)		(33.85	)

Increase (decrease) for the period		93.24			79.59			53.86			44.33
Net asset value per unit, beginning of period		1,440.22			1,371.12			1,479.60			1,406.38

Net asset value per unit, end of period	$	1,533.46		$	1,450.71		$	1,533.46		$	1,450.71


*		Includes brokerage fees and clearing fees.

**		Excludes brokerage fees and clearing fees.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Ratios to Average Net Assets:***
Net investment income (loss) before incentive fees****		(6.6)	%		(6.9	)%		(6.8)	%		(7.1	)%


Operating expense		6.6	%		7.0	%		6.8	%		7.2	%
Incentive fees		1.2	%		0.2	%		1.4	%		0.2	%

Total expenses		7.8	%		7.2	%		8.2	%		7.4	%


Total return:
Total return before incentive fee allocation		7.7	%		6.0	%		5.0	%		3.4	%
Incentive fees		(1.2)	%		(0.2	)%		(1.4)	%		(0.2	)%

Total return after incentive fee allocation		6.5	%		5.8	%		3.6	%		3.2	%


***		Annualized (other than incentive fees).

****		Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets.

3. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.

The customer agreements between the Partnership and CGM and the Funds and CGM give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and exchange-cleared swaps and forward contracts on the Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and exchange-cleared swaps and on open forward contracts on the Statements of Financial Condition.

All of the commodity interests owned by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended September 30, 2011 and 2010 were 3,094 and 8,212, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2011 and 2010 were 3,762 and 6,474, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended September 30, 2011 and 2010 were 326 and 505, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the nine months ended September 30, 2011 and 2010 were 627 and 454, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended September 30, 2011 and 2010 were 395 and 0, respectively. The monthly average number of option contracts traded directly by the Partnership during the nine months ended September 30, 2011 and 2010 were 213 and 3, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended September 30, 2011 and 2010 were $308,247,773 and $314,828,744, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the nine months ended September 30, 2011 and 2010 were $348,244,289 and $321,229,653, respectively.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures and forwards as separate assets and liabilities as of September 30, 2011 and December 31, 2010.


	September 30, 2011
Assets
Futures Contracts
Currencies	$	214,518
Energy		1,082,007
Grains		464,690
Indices		49,611
Interest Rates Non-U.S.		274,778
Interest Rates U.S.		101,419
Livestock		153,841
Metals		287,519
Softs		84,308

Total unrealized appreciation on open futures contracts	$	2,712,691

Liabilities
Futures Contracts
Currencies	$	(96,918	)
Energy		(1,142,238	)
Grains		(234,849	)
Indices		(209,260	)
Interest Rates Non-U.S.		(132,469	)
Interest Rates U.S.		(78,935	)
Livestock		(14,680	)
Metals		(218,785	)
Softs		(54,217	)

Total unrealized depreciation on open futures contracts	$	(2,182,351	)

Net unrealized appreciation on open futures contracts	$	530,340	*


*		This amount is in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.


	September 30, 2011
Assets
Forward Contracts
Currencies	$	1,234,635
Metals		2,798,413

Total unrealized appreciation on open forward contracts	$	4,033,048

Liabilities
Forward Contracts
Currencies	$	(1,272,278	)
Metals		(3,468,522	)

Total unrealized depreciation on open forward contracts	$	(4,740,800	)

Net unrealized depreciation on open forward contracts	$	(707,752)	**


**		This amount is in “Net unrealized depreciation on open forward contracts” on the Statements of Financial Condition.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)


	December 31, 2010
Assets
Futures Contracts
Currencies	$	423,873
Energy		282,296
Grains		552,787
Indices		223,941
Interest Rates Non-U.S		151,118
Interest Rates U.S.		169,390
Livestock		259,202
Metals		315,525
Softs		43,918

Total unrealized appreciation on open futures contracts	$	2,422,050

Liabilities
Futures Contracts
Currencies	$	(166,888	)
Energy		(103,611	)
Grains		(205,637	)
Indices		(50,626	)
Interest Rates Non-U.S		(18,572	)
Interest Rates U.S.		(33,510	)
Livestock		(207,591	)
Softs		(119,396	)

Total unrealized depreciation on open futures contracts		(905,831	)

Net unrealized appreciation on open futures contracts	$	1,516,219	*


*		This amount is in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.


	December 31, 2010
Assets
Forward Contracts
Currencies	$	1,610,313
Metals		805,081

Total unrealized appreciation on open forward contracts	$	2,415,394

Liabilities
Forward Contracts
Currencies	$	(1,639,341	)
Metals		(756,788	)

Total unrealized depreciation on open forward contracts		(2,396,129	)

Net unrealized appreciation on open forward contracts	$	19,265	**


**		This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.


	December 31, 2010
Assets
Options Purchased
Energy	$	295,740
Metals		574,070
Softs		31,416

Total options purchased	$	901,226	***


***		This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

The following tables indicate the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2011 and 2010.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Sector	2011			2010			2011			2010
Currencies	$	174,469		$	2,236,373		$	(607,096	)	$	(875,449	)
Energy		(835,256	)		(1,209,775	)		(589,114	)		(1,694,332	)
Grains		(180,607	)		741,098			235,703			752,563
Indices		194,501			192,746			(996,975	)		(2,894,247	)
Interest Rates U.S.		1,741,773			2,245,280			3,045,928			3,474,989
Interest Rates Non-U.S.		2,376,468			1,560,678			1,986,969			3,563,460
Livestock		181,135			(81,853	)		41,578			(255,082	)
Metals		297,348			499,235			3,339,769			702,039
Softs		124,072			1,430,331			409,118			1,143,955

Total	$	4,073,903	****	$	7,614,113	****	$	6,865,880	****	$	3,917,896	****


****		This amount is in “Total trading results” on the Statement of Income and Expenses and Changes in Partners ’ Capital.

4. Fair Value Measurements:

Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership and Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Partnership’s and the Funds’ Level 1 assets and liabilities are actively traded.

GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.

The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended September 30, 2011 and December 31, 2010, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)


			Quoted Prices in
			Active Markets			Significant Other		Significant
			for Identical			Observable Inputs		Unobservable Inputs
	September 30, 2011		Assets (Level 1)			(Level 2)		(Level 3)
Assets
Investment in Funds	$	155,380,825	$	—		$	155,380,825	$	—
Futures		2,712,691		2,712,691			—		—
Forwards		4,033,048		2,798,413			1,234,635		—

Total assets		162,126,564		5,511,104			156,615,460		—

Liabilities
Futures	$	2,182,351	$	2,182,351		$	—	$	—
Forwards		4,740,800		3,468,522			1,272,278		—

Total liabilities		6,923,151		5,650,873			1,272,278		—

Net fair value	$	155,203,413	$	(139,769	)	$	155,343,182	$	—


			Quoted Prices in
			Active Markets			Significant Other		Significant
			for Identical			Observable Inputs		Unobservable Inputs
	December 31, 2010*		Assets (Level 1)			(Level 2)		(Level 3)
Assets
Investment in Funds	$	93,009,857	$	—		$	93,009,857	$	—
Futures		2,422,050		2,422,050			—		—
Forwards		2,415,394		805,081			1,610,313		—
Options purchased		901,226		901,226			—		—

Total assets		98,748,527		4,128,357			94,620,170		—

Liabilities
Futures	$	905,831	$	905,831		$	—	$	—
Forwards		2,396,129		756,788			1,639,341		—

Total liabilities		3,301,960		1,662,619			1,639,341		—

Net fair value	$	95,446,567	$	2,465,738		$	92,980,829	$	—


*		The amounts have been reclassified from the December 31, 2010 prior year financial statements to conform to current year presentation.

5. Investment in Funds:

On November 1, 2005, the assets allocated to Altis Partners Jersey Limited (“Altis”) for trading were invested in the CMF Altis Partners Master Fund L.P. (“Altis Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 4,898.1251 units of Altis Master with cash equal to $4,196,275 and a contribution of open commodity futures and forward contracts with a fair value of $701,851. Altis Master was formed to permit accounts managed now or in the future by Altis using the Global Futures Portfolio program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Altis Master. Individual and pooled accounts currently managed by Altis, including the Partnership, are permitted to be limited partners of Altis Master. The General Partner and Altis believe that trading through this structure should promote efficiency and economy in the trading process.

On March 1, 2006, the assets allocated to Avant Capital Management L.P. (“Avant”) for trading were invested in the CMF Avant Master Fund L.P. (“Avant Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 8,177.1175 units of Avant Master with cash equal to $6,827,887 and a contribution of open commodity futures and forward contracts with a fair value of $1,349,230. Avant Master was formed in order to permit accounts managed now or in the future by Avant using the Diversified Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Avant Master on April 30, 2010 for cash equal to $12,280,606.

On May 1, 2009, the assets allocated to Sasco Energy Partners LLC (“Sasco”) for trading were invested in the CMF Sasco Master Fund L.P. (“Sasco Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 16,437.9008 units of Sasco Master with cash equal to $16,364,407 and a contribution of open commodity futures contracts with a fair value of $(1,325,727). Sasco Master was formed in order to permit accounts managed now or in the future by Sasco using the Energy Program, a proprietary, discretionary trading program, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Sasco Master on May 31, 2011 for cash equal to $14,575,007.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

On March 1, 2010, the assets allocated to Waypoint Capital Management LLC for trading were invested in the Waypoint Master Fund L.P. (“Waypoint Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 26,581.6800 units of Waypoint Master with cash equal to $26,581,680. Waypoint Master was formed in order to permit commodity pools managed now or in the future by Waypoint using its Diversified Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Waypoint Master. Individual and pooled accounts currently managed by Waypoint, including the Partnership, are permitted to be limited partners of Waypoint Master. The General Partner and Waypoint believe that trading through this structure should promote efficiency and economy in the trading process.

On November 1, 2010, the assets allocated to PGR Capital LLP (“PGR”) for trading were invested in PGR Master Fund L.P. (“PGR Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 14,913.0290 units of PGR Master with cash equal to $14,913,029. PGR Master was formed to permit accounts managed now or in the future by PGR using the Mayfair Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for PGR Master. Individual and pooled accounts currently managed by PGR, including the Partnership, are permitted to be limited partners of PGR Master. The General Partner and PGR believe that trading through this structure should promote efficiency and economy in the trading process.

On November 1, 2010, the assets allocated to Blackwater Capital Management LLC (“Blackwater”) for trading were invested in Blackwater Master Fund L.P. (“Blackwater Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 15,674.6940 units of Blackwater Master with cash equal to $15,674,694. Blackwater Master was formed to permit accounts managed now or in the future by Blackwater using the Global Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for Blackwater Master. Individual and pooled accounts currently managed by Blackwater, including the Partnership, are permitted to be limited partners of Blackwater Master. The General Partner and Blackwater believe that trading through this structure should promote efficiency and economy in the trading process.

On January 1, 2011, the assets allocated to J E Moody & Company LLC (“JE Moody”) for trading were invested in JEM Master Fund L.P. (“JEM Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 19,624.4798 units of JEM Master with cash equal to $19,624,480. JEM Master was formed to permit accounts managed now or in the future by J E Moody using the Commodity Relative Value Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for JEM Master. Individual and pooled accounts currently managed by J E Moody, including the Partnership, are permitted to be limited partners of JEM Master. The General Partner and J E Moody believe that trading through this structure should promote efficiency and economy in the trading process.

On January 1, 2011, the assets allocated to Cirrus Capital Management LLC (“Cirrus”) for trading were invested in CMF Cirrus Master Fund L.P. (“Cirrus Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 22,270.9106 units of Cirrus Master with cash equal to $22,270,911. Cirrus Master was formed to permit accounts managed now or in the future by Cirrus using the Energy Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for Cirrus Master. Individual and pooled accounts currently managed by Cirrus, including the Partnership, are permitted to be limited partners of Cirrus Master. The General Partner and Cirrus believe that trading through this structure should promote efficiency and economy in the trading process.

On May 1, 2011, the assets allocated to Flintlock Capital Asset Management, LLC (“Flintlock”) for trading were invested in Flintlock Master Fund L.P. (“Flintlock Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in Flintlock Master with cash equal to $23,564,973. Flintlock Master was formed to permit accounts managed now or in the future by Flintlock using the 2x Flintlock Commodity Opportunities Partners, LP, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for Flintlock Master. Individual and pooled accounts currently managed by Flintlock, including the Partnership, are permitted to be limited partners of Flintlock Master. The General Partner and Flintlock believe that trading through this structure should promote efficiency and economy in the trading process.

The General Partner is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended September 30, 2011.

Altis Master’s, Waypoint Master’s, Blackwater Master’s, PGR Master’s, JEM Master’s, Cirrus Master’s and Flintlock Master’s (the “Funds”) trading of futures, forwards, swaps and options contracts, if applicable, on commodities is done primarily on United States of America commodity exchanges and foreign commodity exchanges. The Funds engage in such trading through commodity brokerage accounts maintained with CGM.

A limited partner may withdraw all or part of their capital contribution and undistributed profits, if any, from the Funds in multiples of the net asset value per unit as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least three days in advance of the Redemption Date. The units are classified as a liability when the limited partner elects to redeem and informs the Funds.

Management, administrative and incentive fees are charged at the Partnership level. All exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively the “clearing fees”) are borne by the Partnership directly or through its investment in the Funds. All other fees, including CGM’s direct brokerage fees, are charged at the Partnership level.

At September 30, 2011, the Partnership owned approximately 3.1% of Altis Master, 53.5% of Waypoint Master, 78.5% of PGR Master, 82.1% of Blackwater Master, 67.7% of JEM Master, 87.5% of Cirrus Master and 82.9% of Flintlock Master. At December 31, 2010, the Partnership owned approximately 27.6%, of Altis Master, 22.8% of Sasco Master, 52.0% of Waypoint Master, 74.9% of PGR Master and 77.3% of Blackwater Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same and the redemption rights are not affected.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.


	September 30, 2011
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	146,295,236	$	46,900	$	146,248,336
Waypoint Master		44,350,960		55,254		44,295,706
Blackwater Master		42,197,675		21,853		42,175,822
PGR Master		34,071,825		53,504		34,018,321
JEM Master		41,329,325		48,445		41,280,880
Cirrus Master		22,993,926		33,816		22,960,110
Flintlock Master		25,926,544		4,513,518		21,413,026

Total	$	357,165,491	$	4,773,290	$	352,392,201


	December 31, 2010
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	64,276,767	$	591,256	$	63,685,511
Sasco Master		81,882,294		198,664		81,683,630
Waypoint Master		41,306,976		59,330		41,247,646
Blackwater Master		25,966,821		28,810		25,938,011
PGR Master		20,415,391		28,810		20,386,581

Total	$	233,848,249	$	906,870	$	232,941,379

Summarized information reflecting the net investment income (loss) from trading, total trading results and net income (loss) for the Funds is shown in the following tables.


	For the three months ended September 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(70,204	)	$	(5,750,190	)	$	(5,820,394	)
Waypoint Master		(42,646	)		5,476,730			5,434,084
Blackwater Master		(22,526	)		6,416,576			6,394,050
PGR Master		(26,811	)		2,066,599			2,039,788
JEM Master		(223,936	)		3,438,373			3,214,437
Cirrus Master		(29,739	)		454,121			424,382
Flintlock Master		(55,100	)		2,908,310			2,853,210

Total	$	(470,962	)	$	15,010,519		$	14,539,557


	For the nine months ended September 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(210,088	)	$	(25,206,754	)	$	(25,416,842	)
Sasco Master		(707,823	)		1,199,725			491,902
Waypoint Master		(156,111	)		4,716,133			4,560,022
Blackwater Master		(70,260	)		6,933,479			6,863,219
PGR Master		(80,503	)		2,550,365			2,469,862
JEM Master		(530,047	)		4,754,480			4,224,433
Cirrus Master		(72,231	)		1,782,947			1,710,716
Flintlock Master		(100,898	)		1,072,946			972,048

Total	$	(1,927,961	)	$	(2,196,679	)	$	(4,124,640	)


	For the three months ended September 30, 2010
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(50,392	)	$	8,547,098		$	8,496,706
Sasco Master		(112,978	)		5,074,990			4,962,012
Waypoint Master		(38,593	)		(909,222	)		(947,815	)

Total	$	(201,963	)	$	12,712,866		$	12,510,903


	For the nine months ended September 30, 2010
	Net Investment			Total Trading		Net Income
	Income (Loss)			Results		(Loss)
Altis Master	$	(169,655	)	$	4,445,084	$	4,275,429
Avant Master		(45,163	)		1,063,684		1,018,521
Sasco Master		(681,557	)		7,215,622		6,534,065
Waypoint Master		(97,782	)		5,008,311		4,910,529

Total	$	(994,157	)	$	17,732,701	$	16,738,544

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

Summarized information reflecting the Partnership’s investments in, and the operations of, the Funds is shown in the following tables.


	September 30, 2011					For the three months ended September 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.19	%	$	4,567,624	$	(202,525	)	$	1,948	$	781	$	(205,254	)	Commodity Portfolio	Monthly
Waypoint Master		11.35	%		23,677,204		2,921,052			15,930		6,841		2,898,281		Commodity Portfolio	Monthly
Blackwater Master		16.60	%		34,638,625		5,254,931			15,698		3,765		5,235,468		Commodity Portfolio	Monthly
PGR Master		12.79	%		26,688,813		1,604,423			8,732		13,097		1,582,594		Commodity Portfolio	Monthly
JEM Master		13.40	%		27,960,278		2,329,951			139,025		13,640		2,177,286		Commodity Portfolio	Monthly
Cirrus Master		9.62	%		20,090,049		399,591			11,522		15,254		372,815		Energy Markets	Monthly
Flintlock Master		8.51	%		17,758,232		2,421,263			35,703		10,920		2,374,640		Commodity Portfolio	Monthly

Total				$	155,380,825	$	14,728,686		$	228,558	$	64,298	$	14,435,830


	September 30, 2011					For the nine months ended September 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.19	%	$	4,567,624	$	(2,663,105	)	$	19,627	$	6,774	$	(2,689,506	)	Commodity Portfolio	Monthly
Sasco Master		—			—		443,762			104,912		18,860		319,990		Energy Markets	Monthly
Waypoint Master		11.35	%		23,677,204		2,560,139			59,896		25,730		2,474,513		Commodity Portfolio	Monthly
Blackwater Master		16.60	%		34,638,625		5,651,535			43,495		20,281		5,587,759		Commodity Portfolio	Monthly
PGR Master		12.79	%		26,688,813		1,953,866			21,740		45,117		1,887,009		Commodity Portfolio	Monthly
JEM Master		13.40	%		27,960,278		3,353,326			374,930		38,110		2,940,286		Commodity Portfolio	Monthly
Cirrus Master		9.62	%		20,090,049		1,564,943			39,276		30,977		1,494,690		Energy Markets	Monthly
Flintlock Master		8.51	%		17,758,232		862,583			67,453		18,694		776,436		Commodity Portfolio	Monthly

Total				$	155,380,825	$	13,727,049		$	731,329	$	204,543	$	12,791,177


	December 31, 2010					For the three months ended September 30, 2010
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other			Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		9.57	%	$	17,568,791	$	2,880,094		$	17,076	$	7,206		$	2,855,812		Commodity Portfolio	Monthly
Sasco Master		10.17	%		18,664,413		3,286,729			98,127		(16,873	)		3,205,475		Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		(612,783	)		23,209		12,950			(648,942	)	Commodity Portfolio	Monthly
Blackwater Master (a)		10.92	%		20,047,327		—			—		—			—		Commodity Portfolio	Monthly
PGR Master (a)		8.32	%		15,273,707		—			—		—			—		Commodity Portfolio	Monthly

Total				$	93,009,857	$	5,554,040		$	138,412	$	3,283		$	5,412,345

(a) Commenced trading on November 1, 2010.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)


	December 31, 2010					For the nine months ended September 30, 2010
	% of Partnership’s							Expenses				Net Income		Investment	Redemptions
Funds	Net Assets			Fair Value		Income (Loss)		Brokerage Fees		Other		(Loss)		Objective	Permitted
Altis Master		9.57	%	$	17,568,791	$	1,578,802	$	42,530	$	32,000	$	1,504,272	Commodity Portfolio	Monthly
Avant Master		—			—		1,066,892		20,335		28,036		1,018,521	Energy Markets	Monthly
Sasco Master		10.17	%		18,664,413		4,688,464		277,647		183,919		4,226,898	Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		3,594,198		58,417		30,249		3,505,532	Commodity Portfolio	Monthly
Blackwater Master (a)		10.92	%		20,047,327		—		—		—		—	Commodity Portfolio	Monthly
PGR Master (a)		8.32	%		15,273,707		—		—		—		—	Commodity Portfolio	Monthly

Total				$	93,009,857	$	10,928,356	$	398,929	$	274,204	$	10,255,223

(a) Commenced trading on November 1, 2010.

6. Financial Instrument Risks:

In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards, swaps and option contracts. OTC contracts are negotiated between contracting parties and include certain forwards, swaps and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

The risk to the Limited Partners that have purchased interests in the Partnership is limited to the amount of their capital contributions to the Partnership and their share of the Partnership’s assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership/Funds are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Funds’ risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as CGM or a CGM affiliate is the sole counterparty or broker with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM, the Partnership’s/Funds’ counterparty is an exchange or clearing organization.

As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Funds do not consider these contracts to be guarantees.

The General Partner monitors and attempts to control the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition,

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

online monitoring systems provide account analysis of futures, exchange-cleared swaps, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity.

7. Critical Accounting Policies

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership and the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

Futures Contracts. The Partnership and the Funds trade futures contracts and exchange-cleared swaps. Exchange-cleared swaps are swaps that are traded as futures. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Funds. When the contract is closed, the Partnership and the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partner’s Capital.

Emerging CTA Portfolio L.P.

Notes to Financial Statements
September 30, 2011
(Unaudited)

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Partnership’s and Funds’ net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net gain (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital.

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Funds are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Funds. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Options. The Partnership/Funds may purchase and write (sell) both exchange — listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership/Funds write an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2008 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are filed. The General Partner has assessed the subsequent events through the date of filing and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Recent Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU “) 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards” (“ IFRS”). The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRS. However, some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The ASU is effective for annual and interim periods beginning after December 15, 2011 for public entities. This new guidance is not expected to have a material impact on the Partnership’s financial statements.

In October 2011, FASB issued a proposed ASU intended to improve and converge financial reporting by setting forth consistent criteria for determining whether an entity is an investment company. Under longstanding U.S. GAAP, investment companies carry all of their investments at fair value, even if they hold a controlling interest in another company. The primary changes being proposed by the FASB relate to which entities would be considered investment companies as well as certain disclosure and presentation requirements. In addition to the changes to the criteria for determining whether an entity is an investment company, the FASB also proposes that an investment company consolidate another investment company if it holds a controlling financial interest in the entity. The Partnership is currently evaluating the impact that this proposed update would have on the financial statements.

Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights”.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

The Partnership does not engage in sales of goods or services. Its assets are its (i) investment in the Funds, (ii) equity in its trading account, consisting of cash and cash equivalents, net unrealized appreciation on open futures contracts and net unrealized depreciation on open forward contracts and option contracts. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership, through its direct investments and investment in the Funds. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2011.

The Partnership’s capital consists of the capital contributions of the partners as increased or decreased by net realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions, redemptions of Redeemable Units and distributions of profits, if any.

For the nine months ended September 30, 2011, Partnership capital increased 13.7% from $183,525,601 to $208,682,031. This increase was attributable to a net gain from operations of $7,719,580 coupled with the subscriptions of 27,618.6619 Redeemable Units totaling $40,333,869 and 136.3280 General Partner unit equivalents totaling $200,000, which was partially offset by the redemption of 15,706.7667 Redeemable Units resulting in an outflow of $23,097,019. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 7 of the Financial Statements.

The Partnership and the Funds record all investments at fair value in their financial statements, with changes in fair value reported as a component of net realized gains (losses) and change in net unrealized gains (losses) in the Statements of Income and Expenses and Changes in Partners’ Capital.

Results of Operations

During the Partnership’s third quarter of 2011, the net asset value per unit increased 6.5% from $1, 440.22 to $1,533.46 as compared to an increase of 5.8% in the third quarter of 2010. The Partnership experienced a net trading gain before brokerage fees and related fees in the third quarter of 2011 of $18,797,157. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, indices, U.S. and non-U.S. interest rates, livestock, metals and softs, and were partially offset by losses in energy and grains. The Partnership experienced a net trading gain before brokerage fees and related fees in the third quarter of 2010 of $13,142,102. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates, metals, and softs and were partially offset by losses in livestock and indices.

The most significant gains were recorded within the global interest rate sector as prices of U.S. and European fixed-income futures rose on concern that the global economic recovery is faltering, thus stoking demand for the relative “safety” of government debt. Elsewhere, prices of U.S. fixed-income futures continued to move higher after French and German leaders dismissed calls for the issuance of euro bonds that would allow borrowing on behalf of all 17 euro states, boosting demand for a “refuge” in U.S. debt. Within the metals sector, profits were primarily recorded in long positions in gold as prices soared to an all time high above $1,900 an ounce in August as persistent worries about global economic growth burnished bullion’s safe-haven appeal. Within global stock indices, prices of U.S. equity index futures declined after Standard & Poor’s downgrade of the U.S. credit rating added to concern the fiscal health of the world’s biggest economy may be slipping. Elsewhere, prices of European and Pacific Rim equity index futures declined amid intensifying concern that the global economy is headed for a recession. Accordingly, CTAs with short positions in equity index futures generally experienced gains in August and September. Within the currency sector, small gains were primarily recorded in July in long positions in Japanese yen, Australian dollar, and Swiss franc versus the U.S. dollar as the value of these currencies rose against the U.S. dollar due to increased demand for “safe-haven” currencies amid investor concern about a weakening global economy. A portion of the Partnership’s gains during the quarter was offset by small losses in grains and energy markets. Within the agricultural commodities, losses were incurred due to long futures positions in the soybean complex as prices declined on speculation that Europe’s sovereign debt crisis may hinder the global economy, reducing demand for the grains. Within the energy markets, prices of gasoline and gas oil dropped sharply in the first half of August on data suggesting a slower than expected economic recovery, thus lowering expectations for the future demand for petroleum products. Accordingly, CTAs with long futures positions in the petroleum complex generally incurred losses.

During the Partnership’s nine months ended September 30, 2011, the net asset value per unit increased 3.6% from $1,479.60 to $1,533.46 as compared to an increase of 3.2% in the nine months ended September 30, 2010. The Partnership experienced a net trading gain before brokerage fees and related fees in the nine months ended September 30, 2011 of $20,548,302. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, U.S. and non-U.S. interest rates, livestock and metals, and were partially offset by losses in grains, indices and softs. The Partnership experienced a net trading gain before brokerage fees and related fees in the nine months ended September 30, 2010 of $14,782,718. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates, metals, and softs and were partially offset by losses in livestock and indices.

The most significant gains were recorded in the global interest rate sector, primarily during July and August, due to long positions in European and U.S. fixed income futures as prices rose on increased demand for the relative “safety” of government bonds due to concern about a faltering global economic recovery. Within the metals sector, gains were experienced primarily in precious metals, particularly in gold and silver, as prices rallied to an all-time high in August. Within the currency sector, gains were recorded primarily during April in short US dollar positions against commodity-linked currencies such as the Australian dollar and New Zealand dollar. Gains were also recorded in developed market currencies, such as Swiss Franc and Euro, as well as emerging market currencies, such as Brazilian Real, Colombian Peso, Hungarian Forint and Mexican Peso. Within the energy sector, small gains were recorded primarily from trading crude oil in February as prices trended higher. A portion of the Partnership’s gains for the first nine months of the year was offset by losses in the global stock indices and grains sectors. Within the global stock index sector, losses were incurred primarily during March and May due to long positions in Japanese and European equity index futures as prices reversed lower amid concern that heightened tensions in the Middle East, as well as the natural disaster and subsequent nuclear crisis in Japan, may threaten the global economic recovery. Within grains sector, losses were incurred primarily in the soybean complex as prices remained range bound on speculation that Europe’s sovereign debt crisis may hinder the global economy, reducing demand for the grains.

Commodity futures markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increases the possibility of profit. The profitability of the Partnership/Funds depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, and changes in interest rates. To the extent that market trends exist and the Advisors are able to identify them, the Partnership expects to increase capital through operations.

Interest income is earned on 100% of the Partnership’s average daily equity maintained in cash in its (or the Partnership’s allocable portion of a Fund’s) account during each month at the 30-day U.S. Treasury bill rate determined weekly by CGM based on the average noncompetitive yield on 3-month U.S. Treasury bills maturing in 30 days from the date on which such weekly rate is determined. Interest income for the three and nine months ended September 30, 2011 decreased by $49,907 and $72,150, respectively, as compared to the corresponding periods in 2010. The decrease in interest income is due to lower U.S. Treasury bill rates during the three and nine months ended September 30, 2011 as compared to the corresponding periods in 2010. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership and the Funds depends on the average daily equity in the Partnership’s/Funds’ account and upon interest rates over which neither the Partnership/Funds nor CGM has control.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Brokerage fees for the three and nine months ended September 30, 2011 increased by $373,605 and $1,132,058, respectively, as compared to the corresponding periods in 2010. The increase in brokerage fees is due to higher average net assets during the three and nine months ended September 30, 2011 as compared to the corresponding periods in 2010.

Management fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees for the three months ended September 30, 2011 decreased by $30,908 as compared to the corresponding period in 2010. The decrease in management fees is due to a change in fee percentage rates during the three months ended September 30, 2011 as compared to corresponding period in 2010. Management fees for the nine months ended September 30, 2011 increased by $11,691 as compared to the corresponding period in 2010. The increase in management fees is due to an increase in average net assets during the nine months ended September 30, 2011 as compared to the corresponding period in 2010.

Administrative fees are paid to the General Partner for administering the business and affairs of the Partnership. These fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Administrative fees for the three and nine months ended September 30, 2011 increased by $45,672 and $124,692, respectively, as compared to the corresponding periods in 2010. The increase in administrative fees is due to higher average net assets during the three and nine months ended September 30, 2011 as compared to the corresponding periods in 2010.

Incentive fees paid by the Partnership to the Advisors are based on the new trading profits generated by each Advisor at the end of the quarter, as defined in the management agreements among the Partnership, the General Partner and each Advisor. Trading performance for the three and nine months ended September 30, 2011 resulted in incentive fees of $1,996,865 and $2,273,172, respectively. Trading performance for the three and nine months ended September 30, 2010, resulted in incentive fees of $368,580 and $416,676, respectively.

In allocating the assets of the Partnership among the Advisors, the General Partner conducts proprietary research and considers the background of the Advisors’ principals, as well as the Advisors’ trading styles, strategies and markets traded, expected volatility, trading results (to the extent available) and fee requirements. The General Partner may modify or terminate the allocation of assets among the Advisors and may allocate assets to additional advisors at any time.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Partnership/Funds are speculative commodity pools. The market sensitive instruments held by them are acquired for speculative trading purposes, and all or substantially all of the Partnership’s/Funds’ assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

Market movements result in frequent changes in the fair value of the Partnership’s/Funds’ open positions and, consequently, in their earnings and cash balances. The Partnership’s/Funds’ market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s/Funds’ open contracts and the liquidity of the markets in which they trade.

The Partnership/Funds rapidly acquire and liquidate both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s/Funds’ past performance is not necessarily indicative of their future results.

“Value at Risk” is a measure of the maximum amount which the Partnership/Funds could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s/Funds’ speculative trading and the recurrence in the markets traded by the Partnership/Funds of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s/Funds’ experience to date (i.e., “risk of ruin”). In light of the foregoing, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s/Funds’ losses in any market sector will be limited to Value at Risk or by the Partnership’s/Funds’ attempts to manage their market risk.

Exchange maintenance margin requirements have been used by the Partnership/Funds as the measure of their Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to Value at Risk.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. Some of the Partnership’s Advisors currently trade the Partnership’s assets indirectly in master fund managed accounts over which they have been granted limited authority to make trading decisions. Other Advisors directly trade managed accounts in the Partnership’s name. The first two trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly and through its investments in the Funds. The remaining trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly (i.e., in the managed accounts in the Partnership’s name) and indirectly by each Fund separately. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2010.

The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of September 30, 2011 and December 31, 2010. As of September 30, 2011, the Partnership’s total capitalization was $208,682,031.

September 30, 2011


			% of Total
Market Sector	Value at Risk		Capitalization
Currencies	$	5,588,616		2.68	%
Energy		1,391,575		0.67	%
Grains		695,069		0.33	%
Indices		2,316,469		1.11	%
Interest Rates U.S.		896,610		0.43	%
Interest Rates Non-U.S.		2,362,054		1.13	%
Livestock		305,123		0.14	%
Lumber		179,271		0.09	%
Metals		1,204,749		0.58	%
Softs		361,990		0.17	%

Total	$	15,301,526		7.33	%

As of December 31, 2010, the Partnership’s total capitalization was $183,525,601.

December 31, 2010


			% of Total
Market Sector	Value at Risk		Capitalization
Currencies	$	3,742,488		2.05	%
Energy		3,712,642		2.02	%
Grains		610,757		0.33	%
Indices		3,061,953		1.67	%
Interest Rates U.S.		653,137		0.36	%
Interest Rates Non-U.S.		1,216,750		0.66	%
Livestock		268,789		0.15	%
Lumber		1,435		0.00	%*
Metals		1,427,354		0.78	%
Softs		756,573		0.41	%

Total	$	15,451,878		8.43	%


*		Due to rounding.

The following tables indicate the trading Value at Risk associated with the Partnership’s direct investments and through its investments in the Funds by market category as of September 30, 2011 and December 31, 2010, the highest, lowest and average values during the three months ended September 30, 2011 and the twelve months ended December 31, 2010. All open contracts trading risk exposures have been included in calculating the figures set forth below.

As of September 30, 2011, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:

September 30, 2011


						Three months ended September 30, 2011
	Value at		% of Total			High		Low		Average Value
Market Sector	Risk		Capital			Value at Risk		Value at Risk		at Risk*
Currencies	$	1,571,311		0.75	%	$	2,712,733	$	894,112	$	1,553,650
Energy		351,794		0.17	%		1,025,063		187,655		430,652
Grains		171,181		0.08	%		373,956		104,975		208,254
Indices		661,794		0.32	%		1,291,659		365,928		811,499
Interest Rates U.S.		306,100		0.15	%		954,288		258,225		494,600
Interest Rates Non-U.S.		928,588		0.44	%		1,203,350		597,927		863,612
Livestock		97,650		0.05	%		172,325		23,700		57,398
Metals		317,288		0.15	%		543,176		178,978		333,679
Softs		158,720		0.08	%		381,912		143,661		192,377

Total	$	4,564,426		2.19	%


*		Average of month-end Values at Risk.

As of December 31, 2010, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:

December 31, 2010


						Twelve months ended December 31, 2010
	Value at		% of Total			High		Low		Average Value
Market Sector	Risk		Capital			Value at Risk		Value at Risk		at Risk*
Currencies	$	1,070,681		0.58	%	$	8,643,224	$	1,620,748	$	2,949,106
Energy		756,948		0.41	%		1,430,685		440,556		761,191
Grains		318,900		0.17	%		738,061		180,375		346,994
Indices		1,200,793		0.66	%		2,979,873		798,017		1,950,676
Interest Rates U.S.		499,400		0.27	%		1,930,750		288,485		942,116
Interest Rates Non-U.S.		571,973		0.31	%		3,055,102		281,406		1,478,558
Livestock		145,900		0.08	%		268,450		32,850		111,777
Metals		779,984		0.43	%		1,077,058		286,188		619,746
Softs		476,838		0.26	%		690,412		192,635		402,287

Total	$	5,821,417		3.17	%


*		Annual average of month-end Values at Risk.

As of September 30, 2011, Altis Master’s total capital was $146,248,336. The Partnership owned approximately 3.1% of Altis Master. As of September 30, 2011, Altis Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Altis for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capital			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	3,149,361		2.15	%	$	3,827,801	$	2,017,508	$	2,773,181
Energy		2,238,782		1.53	%		2,238,782		1,000,202		1,716,285
Grains		797,339		0.55	%		797,339		345,078		648,181
Indices		1,347,634		0.92	%		2,387,916		526,641		1,406,173
Interest Rates U.S.		430,650		0.30	%		601,500		408,375		487,000
Interest Rates Non -U.S.		1,575,907		1.08	%		2,044,130		1,372,531		1,597,152
Livestock		64,100		0.04	%		183,850		54,300		97,202
Lumber		25,500		0.02	%		40,500		13,500		28,000
Metals		2,855,455		1.95	%		2,855,455		865,944		2,374,601
Softs		529,528		0.36	%		1,014,646		529,528		684,244

Total	$	13,014,256		8.90	%


*		Average of month-end Values at Risk.

As of December 31, 2010, Altis Master’s total capital was $63,685,511. The Partnership owned approximately 27.6% of Altis Master. As of December 31, 2010, Altis Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Altis for trading) was as follows:

December 31, 2010


						Twelve months ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capital			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	3,113,522		4.89	%	$	3,481,070	$	143,363	$	2,231,735
Energy		1,077,195		1.69	%		2,479,469		236,868		1,086,124
Grains		483,876		0.76	%		915,463		136,257		435,755
Indices		1,251,469		1.97	%		7,740,340		220,942		2,503,689
Interest Rates U.S.		191,408		0.30	%		1,193,750		110,116		570,835
Interest Rates Non -U.S.		733,663		1.15	%		1,849,973		183,212		1,000,258
Livestock		107,232		0.17	%		170,400		22,320		82,718
Lumber		5,200		0.01	%		27,500		1,100		9,287
Metals		1,079,175		1.69	%		2,589,641		241,177		1,152,447
Softs		747,574		1.17	%		937,879		199,670		499,464

Total	$	8,790,314		13.80	%


*		Annual average of month-end Values at Risk.

As of December 31, 2010, Sasco Master’s total capital was $81,683,630. The Partnership owned approximately 22.8% of Sasco Master. As of December 31, 2010, Sasco Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Sasco for trading) was as follows:

December 31, 2010


						Twelve months ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Energy	$	9,618,175		11.77	%	$	16,002,038	$	2,149,045	$	10,344,808

Total	$	9,618,175		11.77	%


*		Annual average of month-end Values at Risk.

As of September 30, 2011, Waypoint Master’s total capitalization was $44,295,706. The Partnership owned approximately 53.5% of Waypoint Master. As of September 30, 2011, Waypoint Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Waypoint for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	5,531,756		12.49	%	$	9,736,393	$	2,979,290	$	7,221,636
Energy		109,500		0.25	%		115,500		22,000		73,875
Indices		253,600		0.57	%		1,252,697		253,600		271,950
Interest Rates U.S.		164,000		0.37	%		270,500		26,000		161,633
Interest Rates Non-U.S.		91,371		0.21	%		841,827		55,028		213,582
Softs		121,500		0.27	%		121,500		14,700		81,600

Total	$	6,271,727		14.16	%


*		Average of month-end Values at Risk.

As of December 31, 2010, Waypoint Master’s total capitalization was $41,247,646. The Partnership owned approximately 52.0% of Waypoint Master. As of December 31, 2010, Waypoint Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Waypoint for trading) was as follows:

December 31, 2010


						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	1,878,430		4.55	%	$	11,817,974	$	633,809	$	5,198,266
Indices		901,236		2.18	%		1,613,660		100,993		790,428
Metals		80,750		0.20	%		216,436		31,500		66,207

Total	$	2,860,416		6.93	%


*		For the period March 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Values at Risk.

As of September 30, 2011, PGR Master’s total capitalization was $34,018,321. The Partnership owned approximately 78.5% of PGR Master. As of September 30, 2011, PGR Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to PGR for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	184,720		0.54	%	$	564,600	$	130,952	$	295,840
Energy		414,624		1.22	%		541,391		206,823		353,437
Grains		76,275		0.22	%		142,700		44,600		78,375
Indices		1,135,353		3.34	%		1,244,652		236,424		778,565
Interest Rates U.S.		387,100		1.14	%		398,000		242,750		308,750
Interest Rates Non -U.S.		1,415,627		4.16	%		1,480,846		732,429		1,026,575
Livestock		15,600		0.05	%		15,600		1,200		6,000
Metals		130,050		0.38	%		360,250		130,050		189,850
Softs		155,226		0.46	%		195,982		77,196		114,844

Total	$	3,914,575		11.51	%


*		Average of month-end Values at Risk.

As of December 31, 2010, PGR Master’s total capitalization was $20,386,581. The Partnership owned approximately 74.9% of PGR Master. As of December 31, 2010, PGR Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to PGR for trading) was as follows:

December 31, 2010


						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	183,120		0.90	%	$	183,120	$	103,066	$	154,058
Energy		252,600		1.24	%		252,600		107,024		195,337
Grains		111,250		0.54	%		111,250		43,750		83,625
Indices		617,024		3.03	%		621,232		385,104		524,198
Interest Rates U.S.		80,800		0.40	%		141,150		66,450		81,150
Interest Rates Non-U.S.		180,603		0.89	%		265,434		135,161		161,976
Livestock		10,000		0.05	%		11,000		6,000		9,500
Metals		162,000		0.79	%		162,000		69,500		125,875
Softs		98,003		0.48	%		109,657		57,757		89,793

Total	$	1,695,400		8.32	%


*		For the period November 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Values at Risk.

As of September 30, 2011, Blackwater Master’s total capitalization was $42,175,822. The Partnership owned approximately 82.1% of Blackwater Master. As of September 30, 2011, Blackwater Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Blackwater for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	992,912		2.35	%	$	1,462,440	$	671,006	$	1,086,454
Energy		516,996		1.23	%		1,023,868		169,500		297,913
Grains		336,750		0.80	%		336,750		84,000		206,517
Indices		713,727		1.69	%		1,081,575		254,769		603,645
Interest Rates U.S.		226,000		0.54	%		594,800		203,400		319,233
Interest Rates Non -U.S.		273,402		0.65	%		1,552,868		270,708		669,557
Metals		542,429		1.28	%		744,362		204,578		597,792

Total	$	3,602,216		8.54	%


*		Average of month-end Values at Risk.

As of December 31, 2010, Blackwater Master’s total capitalization was $25,938,011. The Partnership owned approximately 77.3% of Blackwater Master. As of December 31, 2010, Blackwater Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Blackwater for trading) was as follows:

December 31, 2010


						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	903,667		3.48	%	$	903,667	$	577,300	$	765,383
Energy		357,370		1.38	%		508,250		184,174		350,610
Grains		97,000		0.37	%		97,000		30,000		48,500
Indices		756,741		2.92	%		1,256,105		756,741		941,241
Interest Rates U.S.		52,250		0.20	%		171,550		14,700		33,475
Interest Rates Non-U.S.		397,172		1.53	%		445,693		86,447		358,644
Livestock		111,000		0.43	%		111,000		40,000		97,000
Metals		240,867		0.93	%		346,947		240,866		283,148

Total	$	2,916,067		11.24	%


*		For the period November 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Values at Risk.

As of September 30, 2011, JEM Master’s total capitalization was $41,280,880. The Partnership owned approximately 67.7% of JEM Master. As of September 30, 2011, JEM Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to JE Moody for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Energy	$	2,361,895		5.72	%	$	5,686,643	$	1,174,900	$	2,517,348
Grains		740,600		1.80	%		740,600		21,125		400,767
Livestock		817,200		1.98	%		1,228,600		478,200		797,833
Metals		45,450		0.11	%		45,450		25,875		30,300
Softs		689,300		1.67	%		1,601,400		34,800		835,133

Total	$	4,654,445		11.28	%


*		Average of month-end Values at Risk.

As of September 30, 2011, Flintlock Master’s total capitalization was $21,413,026. The Partnership owned approximately 82.9% of Flintlock Master. As of September 30, 2011, Flintlock Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Flintlock for trading) was as follows:

September 30, 2011


						Three months ended September 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Energy	$	195,250		0.91	%	$	1,424,277	$	195,250	$	550,054
Grains		196,409		0.92	%		422,126		178,814		288,137
Livestock		233,100		1.09	%		377,500		233,100		279,783
Metals		215,296		1.00	%		3,549,761		215,296		902,479
Softs		303,400		1.42	%		1,208,850		303,400		768,967

Total	$	1,143,455		5.34	%


*		Average of month-end Values at Risk.

Item 4. Controls and Procedures

The Partnership’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods expected in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to management, including the Chief Executive Officer (the “CEO”) and Chief Financial Officer (the “CFO”) of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership’s external disclosures.

The General Partner’s CEO and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2011 and, based on that evaluation, the General Partner’s CEO and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

	•		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.

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended September 30, 2011 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The following information supplements and amends the discussion set forth under Part I, Item 3 “Legal Proceedings” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as updated by the Partnership’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011.

Subprime-Mortgage Related Actions

On October 19, 2011, the SEC and Citigroup announced a settlement, subject to judicial approval, in connection with the SEC’s investigation into the structuring and sale of CDOs. Pursuant to the proposed settlement, CGM agreed to pay $160 million in disgorgement, $30 million in prejudgment interest, and a civil penalty of $95 million relating to CGM’s role in the structuring and sale of the Class V Funding III CDO transaction. Additional information relating to this matter is publicly available in court filings under the docket number 11 Civ. 7387 (S.D.N.Y.) (Rakoff, J.).

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and under Part II, Item 1A. “Risk Factors” in the Partnership’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

For the three months ended September 30, 2011 there were subscriptions of 3,925.2583 Redeemable Units totaling $5,770,385. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder.

Proceeds from the sale of Redeemable Units are used in the trading of commodity interests including futures contracts, options, forwards and swap contracts.

The Redeemable Units were purchased by accredited investors as defined in Regulation D. The following chart sets forth the purchases of Redeemable Units by the Partnership.

(d) Maximum Number

(or Approximate

(c) Total Number

Dollar Value) of

(a) Total

of Redeemable Units

Redeemable Units that

Number of

(b) Average

Purchased as Part

May Yet Be

Redeemable

Price Paid per

of Publicly Announced

Purchased Under the

Period

Units Purchased*

Redeemable Unit**

Plans or Programs

July 1, 2011 -
July 31, 2011

1,418.9753

1,474.80

N/A

August 1, 2011 -
August 31, 2011

3,117.3998

1,511.34

N/A

September 1, 2011 -
September 30, 2011

1,027.1728

1,533.46

N/A

5,563.5479

1,506.10


*		Generally, Limited Partners are permitted to redeem their Redeemable Units as of the last day of each month on three business days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for limited partners.

**		Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per Redeemable Unit as of that day. No fee will be charged for redemptions.

Item 3. Defaults Upon Senior Securities. None.

Item 4. [Removed and Reserved].

Item 5. Other Information. None.

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).

(f)		Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 2, 2011 (filed as Exhibit 3.1 to the Form 8-K filed on September 7, 2011 and incorporated herein by reference.)

3.2		Second Amended and Restated Limited Partnership Agreement (filed as Exhibit 3.2 to the Current Report on Form 8-K filed on November 1, 2010 and incorporated herein by reference).

10.1(a)		Management Agreement among the Partnership, the General Partner and Altis (filed as Exhibit 10.1 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Altis extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.1(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.2(a)		Management Agreement among the Partnership, the General Partner and Fall River Capital LLC (filed as Exhibit 10.2 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Fall River Capital LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.2(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.3(a)		Management Agreement among the Partnership, the General Partner and Waypoint Capital Management LLC (filed as Exhibit 10.4 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Waypoint Capital Management LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.3(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.4(a)		Management Agreement among the Partnership, the General Partner and Xplor Capital Management, LLC (filed as Exhibit 10.5 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Xplor Capital Management, LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.4(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.5(a)		Management Agreement among the Partnership the General Partner and Avant (filed as Exhibit 10.6 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Avant extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.5(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

10.6(a)		Management Agreement among the Partnership, the General Partner and Cantab Capital Partners LLP (filed as Exhibit 10.7 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

(b)		Letter from the General Partner to Cantab Capital Partners LLP extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.6(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.7		Customer Agreement between the Partnership, the General Partner and CGM (filed as Exhibit 10.9 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

10.8		Amended and Restated Agency Agreement between the Partnership, the General Partner, CGM and MSSB (filed as Exhibit 10.8 to the Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference).

10.9		Form of Subscription Agreement (filed as Exhibit 10.11 to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

10.10 (a)		Management Agreement among the Partnership, the General Partner and Sasco (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on April 21, 2009 and incorporated herein by reference).


(b)		Letter from the General Partner to Sasco extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.10(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).

10.11		Joinder Agreement among the Partnership, the General Partner, CGM and MSSB (filed as Exhibit 10 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009 filed on August 14, 2009 and incorporated herein by reference).

10.12		Form of Amended and Restated Management Agreement among the Partnership, the General Partner and PGR Capital LLP (filed as Exhibit 10.12 to the Current Report on Form 8-K filed on November 4, 2010 and incorporated herein by reference).

10.13		Amended and Restated Management Agreement among the Partnership, the General Partner and Blackwater Capital Management LLC (filed as Exhibit 10.13 to the Current Report on Form 8-K filed on November 4, 2010 and incorporated herein by reference).

10.14		Amended and Restated Management Agreement among the Partnership, the General Partner and J E Moody & Company LLC (filed as Exhibit 10.14 to the Current Report on Form 10-K filed on January 3, 2011 and incorporated herein by reference).

10.15		Amended and Restated Management Agreement among the Partnership, the General Partner and Cirrus Capital Management LLC (filed as Exhibit 10.15 to the Current Report on Form 8-K filed on January 3, 2011 and incorporated herein by reference).

10.16		Management Agreement among the Partnership, the General Partner and Flintlock Capital Asset Management, LLC (filed as Exhibit 10.16 to the Current Report on Form 8-K filed on December 1, 2010 and incorporated herein by reference).

10.17		Management Agreement among the Partnership, the General Partner and Willowbridge Associates Inc. (filed as Exhibit 10.17 to the Current Report on Form 8-K filed on June 2, 2011 and incorporated herein by reference).


		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)
		32.1— Section 1350 Certification (Certification of President and Director)
		32.2— Section 1350 Certification (Certification of Chief Financial Officer)
		101.INS XBRL Instance Document.
		101.SCH XBRL Taxonomy Extension Schema Document.
		101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
		101.LAB XBRL Taxonomy Extension Label Linkbase Document.
		101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EMERGING CTA PORTFOLIO L.P.


By:		Ceres Managed Futures LLC
		(General Partner)

By:		/s/ Walter Davis Walter Davis
		President and Director

Date:		November 14, 2011

By:		/s/ Brian Centner Brian Centner
		Chief Financial Officer
		(Principal Accounting Officer)

Date:		November 14, 2011

Attached files

EMERGING CTA PORTFOLIO LP Reports

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