Emerging Cta Portfolio 10Q 2010 Q2 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For The quarterly period ended June 30, 2010

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 Number0-53211

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.

YesX 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 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 Rule12b-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 inRule 12b-2 of the Exchange Act).

Yes NoX

As of July 31, 2010, 119,955.2408 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 June 30, 2010 and December 31, 2009 (unaudited)	3
		Condensed Schedules of Investments at June 30, 2010 and December 31, 2009 (unaudited)	4 – 5
		Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2010 and 2009 (unaudited)	6
		Notes to Financial Statements (unaudited)	7 – 18
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19 – 22
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23 – 25
	Item 4.	Controls and Procedures	26
PART II - Other Information			27 – 30
Exhibits
Ex. 31.1 Certification
Ex. 31.2 Certification
Ex. 32.1 Certification
Ex. 32.2 Certification
EX-31.1
EX-31.2
EX-32.1
EX-32.2

PART I

Item 1. Financial Statements

Emerging CTA Portfolio L.P.
Statements of Financial Condition
(Unaudited)


	June 30,		December 31,
	2010		2009
Assets:
Investment in Partnerships, at fair value	$	77,747,697	$	63,868,859
Equity in trading account:
Cash		82,520,382		94,883,891
Cash margin		7,892,755		11,750,313
Net unrealized appreciation on open futures contracts		608,881		744,126

		168,769,715		171,247,189
Interest receivable		6,019		1,454

Total assets	$	168,775,734	$	171,248,643

Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	263,851	$	1,025,915
Accrued expenses:
Brokerage fees		491,493		496,483
Management fees		279,958		282,773
Administrative fees		69,990		70,693
Incentive fees		10,919		42,297
Other		45,462		62,730
Redemptions payable		1,541,824		2,562,080

Total liabilities		2,703,497		4,542,971

Partners’ Capital:
General Partner, 1,302.6036 unit equivalents outstanding at June 30, 2010 and December 31, 2009		1,786,026		1,831,956
Limited Partners, 119,818.5991 and 117,232.3714 Redeemable Units outstanding at June 30, 2010 and December 31, 2009, respectively		164,286,211		164,873,716

Total partners’ capital		166,072,237		166,705,672

Total liabilities and partners’ capital	$	168,775,734	$	171,248,643

Net asset value per unit	$	1,371.12	$	1,406.38

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.
Condensed Schedule of Investments
June 30, 2010
(Unaudited)


		Notional ($)/
		Number of					% of Partners'
		Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies			139	$	(38,868	)		(0.02	)%
Energy			281		(267,840	)		(0.16	)
Grains			379		156,632			0.09
Indices			252		(433,221	)		(0.26	)
Interest Rates U.S.			842		542,493			0.33
Interest Rates Non-U.S.			1,109		597,571			0.36
Livestock			132		980			0.00	*
Metals			55		113,405			0.07
Softs			113		(8,562	)		(0.01	)

Total futures contracts purchased					662,590			0.40


Futures Contracts Sold
Currencies			168		(129,452	)		(0.08	)
Energy			334		199,650			0.12
Grains			511		(156,344	)		(0.09	)
Indices			157		160,024			0.09
Interest Rates U.S.			21		(3,500	)		(0.00	)*
Interest Rates Non-U.S.			259		(84,082	)		(0.05	)
Livestock			73		(22,360	)		(0.01	)
Metals			31		(198	)		(0.00	)*
Softs	��		52		(17,447	)		(0.01	)

Total futures contracts sold					(53,709	)		(0.03	)


Unrealized Appreciation on Forward Contracts
Currencies		$	58,615,525		980,532			0.59
Metals			139		965,054			0.58

Total unrealized appreciation on forward contracts					1,945,586			1.17


Unrealized Depreciation on Forward Contracts
Currencies		$	60,447,923		(1,107,154	)		(0.67	)
Metals			174		(1,102,283	)		(0.66	)

Total unrealized depreciation on forward contracts					(2,209,437	)		(1.33	)


Investment in Partnerships
CMF Altis Partners Master Fund L.P.					23,164,941			13.95
CMF Sasco Master Fund L.P.					24,277,510			14.62
Waypoint Master Fund L.P.					30,305,246			18.25

Total investment in Partnerships					77,747,697			46.82


Total fair value				$	78,092,727			47.03	%


*		Due to rounding.

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.
Condensed Schedule of Investments
December 31, 2009
(Unaudited)


	Notional ($)/
	Number of					% of Partners’
	Contracts		Fair Value			Capital

Futures Contracts Purchased
Currencies		559	$	(127,478	)		(0.08	)%
Energy		190		436,615			0.26
Grains		152		30,308			0.02
Indices		560		639,897			0.38
Interest Rates U.S.		930		(277,236	)		(0.17	)
Interest RatesNon-U.S.		1,027		(103,653	)		(0.06	)
Livestock		22		(3,650	)		(0.00	)*
Metals		91		42,022			0.03
Softs		194		253,960			0.15

Total futures contracts purchased				890,785			0.53


Futures Contracts Sold
Currencies		119		110,339			0.07
Energy		89		(372,022	)		(0.22	)
Grains		285		(208,494	)		(0.13	)
Indices		102		(60,061	)		(0.03	)
Interest Rates U.S.		353		224,031			0.13
Interest RatesNon-U.S.		406		122,499			0.07
Livestock		31		(840	)		(0.00	)*
Metals		12		31,850			0.02
Softs		28		6,039			0.00	*

Total futures contracts sold				(146,659	)		(0.09	)


Unrealized Appreciation on Forward Contracts
Currencies	$	36,468,535		495,276			0.30
Metals		271		1,901,753			1.14

Total unrealized appreciation on forward contracts				2,397,029			1.44


Unrealized Depreciation on Forward Contracts
Currencies	$	74,168,842		(1,420,713	)		(0.85	)
Metals		273		(2,002,231	)		(1.20	)

Total unrealized depreciation on forward contracts				(3,422,944	)		(2.05	)


Investment in Partnerships
CMF Altis Partners Master Fund L.P.				28,338,180			17.00
CMF Avant Master Fund L.P.				11,500,341			6.90
CMF Sasco Master Fund L.P.				24,030,338			14.41

Total investment in Partnerships				63,868,859			38.31


Total fair value			$	63,587,070			38.14	%

* 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						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Income:
Net gains (losses) on trading of commodity interests and investment in Partnerships:
Net realized gains (losses) on closed contracts	$	(1,711,594	)	$	(3,589,132	)	$	(4,323,036	)	$	2,410,437
Net realized gains (losses) on investment in Partnerships		9,292,621			187,040			8,346,208			(2,526,293	)
Change in net unrealized gains (losses) on open contracts		(1,700,768	)		4,648,121			626,819			(3,062,728	)
Change in net unrealized gains (losses) on investment in Partnerships		(7,599,480	)		1,432,207			(3,009,375	)		2,658,497

Gain (loss) from trading, net		(1,719,221	)		2,678,236			1,640,616			(520,087	)
Interest income		27,245			27,145			40,647			60,620
Interest income from investment in Partnerships		25,416			14,933			37,483			28,719

Total income (loss)		(1,666,560	)		2,720,314			1,718,746			(430,748	)


Expenses:
Brokerage fees including clearing fees		1,787,929			1,747,295			3,481,259			3,478,834
Management fees		847,318			826,349			1,684,651			1,668,072
Administrative fees		212,352			206,586			421,685			417,017
Incentive fees		(67,482	)		614,533			48,096			914,653
Other		227,929			153,524			393,139			253,506

Total expenses		3,008,046			3,548,287			6,028,830			6,732,082

Net income (loss)		(4,674,606	)		(827,973	)		(4,310,084	)		(7,162,830	)
Additions — Limited Partners		6,820,000			12,495,000			19,438,000			25,325,000
Proceeds from Limited Partners redemption fees		—			22,973			—			222,349
Redemptions — Limited Partners		(5,642,424	)		(8,844,638	)		(15,761,351	)		(23,002,432	)

Net increase (decrease) in Partners’ Capital		(3,497,030	)		2,845,362			(633,435	)		(4,617,913	)
Partners’ Capital, beginning of period		169,569,267			159,782,514			166,705,672			167,245,789

Partners’ Capital, end of period	$	166,072,237		$	162,627,876		$	166,072,237		$	162,627,876

Net asset value per unit (121,121.2027 and 112,502.5448 units outstanding at June 30, 2010 and 2009, respectively)	$	1,371.12		$	1,445.55		$	1,371.12		$	1,445.55

Net income (loss) per Redeemable Unit and General Partner unit equivalent	$	(38.29	)	$	(7.26	)	$	(35.26	)	$	(62.82	)

Weighted average units outstanding		121,854.2150			114,231.3348			121,705.0634			114,267.7950

See accompanying notes to financial statements.

Emerging CTA Portfolio L.P.
Notes to Financial Statements
June 30, 2010
(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 a “blind pool” of early-stage commodity trading advisors which, directly and indirectly, engage in speculative trading of a diversified portfolio of commodity interests, including futures contracts, options and forward contracts. 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 Partnerships”) may trade futures, forward and option contracts of any kind. The commodity interests that are traded by the Partnership 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 is authorized to sell 300,000 units and continues to offer Redeemable Units.

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”), a registered non-clearing futures commission merchant and a member of the National Futures Association (“NFA”). Morgan Stanley, indirectly through various subsidiaries, owns 51% of MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns 49% of 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 June 30, 2010, all trading decisions are made for the Partnership by its ten trading advisors (the “Advisors”) either directly, through individually managed accounts, or indirectly, through investments in other collective investment vehicles. As indicated above, the Partnership allocates its assets to a “blind pool” of trading advisors which refers to the fact that detailed information about the advisors, such as their backgrounds, individual trading strategies and past performance records has not been and, is not expected to be, provided to investors. The General Partner has chosen not to disclose such information because, among other reasons, the advisors engaged to trade on behalf of the Partnership may have little or no performance histories and the mix of advisors may change frequently as new advisors are identified and others progress beyond the “emerging” stage. 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.

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 June 30, 2010 and December 31, 2009, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2010 and 2009. 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 onForm 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2009.

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 such Limited Partner’s initial 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. In making these estimates and assumptions, management has considered the effects, if any, of events occurring after the date of the Partnership’s Statements of Financial Condition through the date the financial statements were issued. As a result, actual results could differ from these estimates.

On July 1, 2009, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“FAS”) No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, also known as FASB Accounting Standards Codification (“ASC”) 105, “Generally Accepted Accounting Principles” (“ASC 105”) (the “Codification”). ASC 105 established the exclusive authoritative reference for GAAP for use in financial statements except for SEC rules and interpretive releases, which are also authoritative GAAP for SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting standards. The Codification is the single source of authoritative accounting principles generally accepted in the United States and applies to all financial statements issued after September 15, 2009.

The Partnership is not required to provide a Statement of Cash Flows as permitted by ASC 230, Statement of Cash Flows.

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
June 30, 2010
(Unaudited)


2.	Financial Highlights:

Changes in net asset value per Redeemable Unit for the three and six months ended June 30, 2010 and 2009 were as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Net realized and unrealized gains (losses) *	$	(28.72	)	$	8.14		$	(14.98	)	$	(35.11	)
Interest income		0.43			0.37			0.64			0.79
Expenses **		(10.00	)		(15.77	)		(20.92	)		(28.50	)

Increase (decrease) for the period		(38.29	)		(7.26	)		(35.26	)		(62.82	)
Proceeds from Limited Partners early redemption fees		—			0.20			—			1.94
Net asset value per Redeemable Unit, beginning of period		1,409.41			1,452.61			1,406.38			1,506.43

Net asset value per Redeemable Unit, end of period	$	1,371.12		$	1,445.55		$	1,371.12		$	1,445.55


*		Includes brokerage fees and clearing fees.

**		Excludes brokerage fees and clearing fees.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Ratios to Average Net Assets:***
Net investment income (loss) before incentive fees****		(7.2	)%		(7.2	)%		(7.2	)%		(7.1	)%

Operating expenses		7.3	%		7.3	%		7.3	%		7.2	%
Incentive fees		—	%		0.4	%		—	%		0.6	%

Total expenses		7.3	%		7.7	%		7.3	%		7.8	%

Total return:
Total return before incentive fees		(2.8	)%		(0.1	)%		(2.5)	%		(3.5	)%
Incentive fees		0.1	%		(0.4	)%		—	%		(0.5	)%

Total return after incentive fees		(2.7	)%		(0.5	)%		(2.5	)%		(4.0	)%

*** 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 agreement between the Partnership and CGM gives the Partnership the legal right to net unrealized gains and losses on open futures and forward contracts on the Statements of Financial Condition. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts on the Statements of Financial Condition as the criteria under ASC 210, Balance Sheet, has been met.

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

All of the commodity interests owned by the Partnership are held for trading purposes. The average number of futures contracts traded directly by the Partnership for the three months ended June 30, 2010 and 2009 based on a monthly calculation, was 5,127 and 10,902, respectively. The average number of futures contracts traded directly by the Partnership for the six months ended June 30, 2010 and 2009 based on a monthly calculation, was 5,605 and 12,483, respectively. The average number of metal forward contracts traded directly by the Partnership for the three months ended June 30, 2010 and 2009 based on a monthly calculation, was 344 and 417, respectively. The average number of metal forward contracts traded directly by the Partnership for the six months ended June 30, 2010 and 2009 based on a monthly calculation, was 428 and 599, respectively. The average number of energy option contracts traded directly by the Partnership for the three months ended June 30, 2010 and 2009 based on a monthly calculation, was 10 and 0, respectively. The average number of energy option contracts traded directly by the Partnership for the six months ended June 30, 2010 and 2009 based on a monthly calculation, was 5 and 63 respectively. The average notional values of currency forward contracts traded directly by the Partnership for the three months ended June 30, 2010 and 2009 based on a monthly calculation, was $273,331,911 and $418,265,862, respectively. The average notional values of currency forward contracts traded directly by the Partnership for the six months ended June 30, 2010 and 2009 based on a monthly calculation, was $324,430,107 and $354,857,834, 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, additions and redemptions.

The Partnership adopted ASC 815, Derivatives and Hedging, as of January 1, 2009 which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. ASC 815 only expands the disclosure requirements for derivative instruments and related hedging activities and has no impact on the Statements of Financial Condition or Statements of Income and Expenses and Changes in Partners’ Capital. The following tables indicate the fair values of derivative instruments traded directly by the Partnership of futures and forward contracts as separate assets and liabilities as of June 30, 2010 and December 31, 2009.


	June 30, 2010
Assets
Futures Contracts
Currencies	$	265,513
Energy		718,212

Grains		309,103
Indices		166,900
Interest Rates U.S.		546,855
Interest Rates Non-U.S.		644,060
Livestock		30,730
Metals		151,330
Softs		61,376

Total unrealized appreciation on open futures contracts	$	2,894,079

Liabilities
Futures Contracts
Currencies	$	(433,834	)
Energy		(786,402	)

Grains		(308,815	)

Indices		(440,098	)
Interest Rates U.S.		(7,862	)
Interest Rates Non-U.S.		(130,570	)
Livestock		(52,110	)
Metals		(38,122	)
Softs		(87,385	)

Total unrealized depreciation on open futures contracts	$	(2,285,198	)

Net unrealized appreciation on open futures contracts	$	608,881	*


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


Assets
Forward Contracts
Currencies	$	980,532
Metals		965,054

Total unrealized appreciation on open forward contracts	$	1,945,586

Liabilities
Forward Contracts
Currencies	$	(1,107,154	)
Metals		(1,102,283	)

Total unrealized depreciation on open forward contracts	$	(2,209,437	)

Net unrealized depreciation on open forward contracts	$	(263,851	)**



**		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
June 30, 2010
(Unaudited)


Assets	December 31, 2009

Futures Contracts
Currencies	$	454,205
Energy		524,031
Grains		89,903
Indices		698,928
Interest Rates U.S.		312,507
Interest RatesNon-U.S.		320,014
Livestock		7,630
Metals		186,737
Softs		316,766

Total unrealized appreciation on open futures contracts	$	2,910,721

Liabilities
Futures Contracts
Currencies	$	(471,344	)
Energy		(459,438	)
Grains		(268,089	)
Indices		(119,092	)
Interest Rates U.S.		(365,712	)
Interest RatesNon-U.S.		(301,168	)
Livestock		(12,120	)
Metals		(112,865	)
Softs		(56,767	)

Total unrealized depreciation on open futures contracts		(2,166,595	)

Net unrealized appreciation on open futures contracts	$	744,126	*


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



Assets
Forward Contracts
Currencies	$	495,276
Metals		1,901,753

Total unrealized appreciation on open forward contracts	$	2,397,029

Liabilities
Forward Contracts
Currencies	$	(1,420,713	)
Metals		(2,002,231	)

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

Net unrealized depreciation on open forward contracts	$	(1,025,915	)**


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

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2010 and 2009.


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009
Sector	Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading
Currencies	$	(1,821,042	)	$	1,112,024		$	(3,111,822	)	$	718,056
Energy		293,835			(730,005	)		(484,557	)		473,157
Grains		(482,131	)		1,644,014			11,465			1,609,265
Indices		(3,016,853	)		(656,205	)		(3,086,993	)		1,533,295
Interest Rates U.S.		1,813,341			(708,204	)		1,229,709			(2,034,106	)
Interest Rates Non-U.S.		954,894			633,234			2,002,782			(1,916,311	)
Livestock		8,864			149,200			(173,229	)		(126,911	)
Softs		(745,108	)		232,267			(286,376	)		311,120
Metals		(418,162	)		(617,336	)		202,804			(1,219,856	)

Total	$	(3,412,362	)	$	1,058,989		$	(3,696,217	)	$	(652,291	)

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


4.	Fair Value Measurements:

Partnership’s and the Fund’s 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. 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 Fund’s Fair Value Measurements.The Partnership and the Funds adopted ASC 820, Fair Value Measurements and Disclosures, as of January 1, 2008 which defines fair value 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. ASC 820 establishes a framework for measuring fair value and expands disclosures regarding fair value measurements in accordance with GAAP. 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. The Partnership and the Funds did not apply the deferral allowed by ASC 820 for nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis.

In 2009, the Partnership and the Funds adopted amendments to ASC 820, which reaffirms that fair value is 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. These amendments to ASC 820 also reaffirm 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. These amendments to ASC 820 are required for interim and annual reporting periods ending after June 15, 2009. Management has concluded that based on available information in the marketplace, there has not been a decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities. The adoption of the amendments to ASC 820 had no effect on the Partnership’s Financial Statements.

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

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 partnerships reflects its proportional interest in the partnerships. As of and for the periods ended June 30, 2010 and December 31, 2009, the Partnership and the Funds did not hold any derivative instruments that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).


			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	6/30/2010		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Partnerships	$	77,747,697	$	—	$	77,747,697	$	—
Futures		608,881		608,881		—		—

Total assets		78,356,578		608,881		77,747,697		—

Liabilities
Forwards	$	263,851	$	137,229	$	126,622	$	—

Total liabilities		263,851		137,229		126,622		—

Total fair value	$	78,092,727	$	471,652	$	77,621,075	$	—


			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	12/31/2009		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Partnerships	$	63,868,859	$	—	$	63,868,859	$	—
Futures		744,126		744,126		—		—

Total assets		64,612,985		744,126		63,868,859		—


Liabilities
Forwards	$	1,025,915	$	100,478	$	925,437	$	—

Total liabilities		1,025,915		100,478		925,437		—

Total fair value	$	63,587,070	$	643,648	$	62,943,422	$	—

5. Investment in Partnerships:

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.

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

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, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Sasco Master. Individual and pooled accounts currently managed by Sasco, including the Partnership, are permitted to be limited partners of Sasco Master. The General Partner and Sasco believe that trading through this structure should promote efficiency and economy in the trading process.

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.

The General Partner is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended June 30, 2010.

Altis Master’s, Sasco Master’s and Waypoint Master’s (the “Funds”) trading of futures, forwards, swaps and options contracts, if applicable, on commodities is done primarily on U.S. 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 3 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 NFA fees (collectively the “clearing fees”) are borne by the Partnership and through its investment in the Funds. All other fees, including CGM’s direct brokerage fees are charged at the Partnership level.

At June 30, 2010 and December 31, 2009, the Partnership owned approximately 32.9% and 33.6%, respectively, of Altis Master. At December 31, 2009, the Partnership owned approximately 100% of Avant Master. At June 30, 2010 and December 31, 2009, the Partnership owned approximately 64.8% and 65.1% of Sasco Master, respectively. At June 30, 2010, the Partnership owned approximately 70.9% of Waypoint 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.

Summarized information reflecting the Total Assets, Liabilities and Capital of the Funds are shown in the following tables.


	June 30, 2010
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	71,337,811	$	827,700	$	70,510,111
Sasco Master		44,408,265		6,944,923		37,463,342
Waypoint Master		42,741,064		24,400		42,716,664

Total	$	158,487,140	$	7,797,023	$	150,690,117


	December 31, 2009
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	84,341,762	$	34,004	$	84,307,758
Avant Master		13,259,355		1,759,171		11,500,184
Sasco Master		37,621,540		716,206		36,905,334

Total	$	135,222,657	$	2,509,381	$	132,713,276

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

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


	For the three months ended June 30, 2010
	Gain (Loss) from			Total Income			Net Income
	Trading, net			(Loss)			(Loss)
Altis Master	$	(6,238,080	)	$	(6,216,345	)	$	(6,318,318	)
Avant Master		444,954			446,366			423,318
Sasco Master		(772,096	)		(760,354	)		(1,100,094	)
Waypoint Master		5,344,480			5,356,042			5,296,789

Total	$	(1,220,742	)	$	(1,174,291	)	$	(1,698,305	)


	For the six months ended June 30, 2010
	Gain (Loss) from			Total Income			Net Income
	Trading, net			(Loss)			(Loss)
Altis Master	$	(4,102,014	)	$	(4,069,053	)	$	(4,221,277	)
Avant Master		1,063,684			1,066,892			1,018,521
Sasco Master		2,140,632			2,157,989			1,572,053
Waypoint Master		5,917,533			5,932,402			5,858,344

Total	$	5,019,835		$	5,088,230		$	4,227,641


	For the three months ended June 30, 2009
	Gain (Loss) from			Total Income			Net Income
	Trading, net			(Loss)			(Loss)
Altis Master	$	(196,381	)	$	(176,906	)	$	(209,227	)
Avant Master		744,282			748,985			726,751
Sasco Master		3,626,560			3,632,019			3,371,687

Total	$	4,174,461		$	4,204,098		$	3,889,211


	For the six months ended June 30, 2009
	Gain (Loss) from			Total Income			Net Income
	Trading, net			(Loss)			(Loss)
Altis Master	$	(5,030,541	)	$	(4,990,039	)	$	(5,072,429	)
Avant Master		1,352,778			1,365,172			1,314,430
Sasco Master		3,626,560			3,632,019			3,371,687

Total	$	(51,203	)	$	7,152		$	(386,312	)

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

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



	June 30, 2010					For the three months ended June 30, 2010
	% of								Expenses
	Partnership’s								Brokerage				Net Income			Investment	Redemption
	Net Assets			Fair Value		Income (Loss)			Fees		Other		(Loss)			Objective	Permitted
Altis Master		13.95	%	$	23,164,941	$	(2,033,754	)	$	12,466	$	20,725	$	(2,066,945	)	Commodity Portfolio	Monthly
Avant Master		—			—		446,366			15,098		7,950		423,318		Energy Markets	Monthly
Sasco Master		14.62	%		24,277,510		(492,523	)		102,363		118,069		(712,955	)	Energy Markets	Monthly
Waypoint Master		18.25	%		30,305,246		3,798,468			29,111		12,906		3,756,451		Commodity Portfolio	Monthly

Total				$	77,747,697	$	1,718,557		$	159,038	$	159,650	$	1,399,869


	June 30, 2010					For the six months ended June 30, 2010
	% of								Expenses
	Partnership’s								Brokerage				Net Income			Investment	Redemption
	Net Assets			Fair Value		Income (Loss)			Fees		Other		(Loss)			Objective	Permitted
Altis Master		13.95	%	$	23,164,941	$	(1,301,292	)	$	25,454	$	24,794	$	(1,351,540	)	Commodity Portfolio	Monthly
Avant Master		—			—		1,066,892			20,335		28,036		1,018,521		Energy Markets	Monthly
Sasco Master		14.62	%		24,277,510		1,401,735			179,520		200,792		1,021,423		Energy Markets	Monthly
Waypoint Master		18.25	%		30,305,246		4,206,981			35,208		17,299		4,154,474		Commodity Portfolio	Monthly

Total				$	77,747,697	$	5,374,316		$	260,517	$	270,921	$	4,842,878


	December 31, 2009					For the three months ended June 30, 2009
	% of								Expenses
	Partnership’s								Brokerage				Net Income			Investment	Redemption
	Net Assets			Fair Value		Income (Loss)			Fees		Other		(Loss)			Objective	Permitted
Altis Master		17.00	%	$	28,338,180	$	(57,924	)	$	6,637	$	4,375	$	(68,936	)	Commodity Portfolio	Monthly
Avant Master		6.90	%		11,500,341		682,233			10,610		10,144		661,479		Energy Markets	Monthly
Sasco Master		14.41	%		24,030,338		1,009,871			121,060		40,115		848,696		Energy Markets	Monthly

Total				$	63,868,859	$	1,634,180		$	138,307	$	54,634	$	1,441,239


	December 31, 2009					For the six months ended June 30, 2009
	% of								Expenses
	Partnership’s								Brokerage				Net Income			Investment	Redemption
	Net Assets			Fair Value		Income (Loss)			Fees		Other		(Loss)			Objective	Permitted
Altis Master		17.00	%	$	28,338,180	$	(1,802,523	)	$	21,062	$	8,203	$	(1,831,788	)	Commodity Portfolio	Monthly
Avant Master		6.90	%		11,500,341		953,575			21,977		16,592		915,006		Energy Markets	Monthly
Sasco Master		14.41	%		24,030,338		1,009,871			121,060		40,115		848,696		Energy Markets	Monthly

Total				$	63,868,859	$	160,923		$	164,099	$	64,910	$	(68,086	)

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

6. Financial Instrument Risks:

In the normal course of its 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 and option contracts. OTC contracts are negotiated between contracting parties and include certain forwards and option contracts. 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.

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 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 the sole counterparty or broker with respect to the Partnership’s/Funds’ assets is CGM or a CGM affiliate. 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 as described in ASC 460 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, on-line monitoring systems provide account analysis of futures, 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.

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

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. In making these estimates and assumptions, management has considered the effects, if any, of events occurring after the date of the Partnership’s Statements of Financial Condition through the date the financial statements were issued. As a result, actual results could differ from these estimates.

Statement of Cash Flows.The Partnership is not required to provide a Statement of Cash Flows as permitted by ASC 230.

Partnership’s and Fund’s 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. 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 Partner’s Capital.

Partnership’s and Fund’s Fair Value Measurements.The Partnership and the Funds adopted ASC 820 Fair Value Measurements and Disclosures, as of January 1, 2008, which defines fair value 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. The Partnership and the Funds did not apply the deferral allowed by ASC 820 for nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis.

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 partnerships (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 partnerships reflects its proportional interest in the partnerships. As of and for the periods ended June 30, 2010 and December 31, 2009, the Partnership and the Funds did not hold any derivative instruments that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

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. Because 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, credit exposure is limited. Realized gains (losses) and changes in unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partner’s Capital.

Forward Foreign Currency Contracts.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. 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. Realized gains (losses) and changes in unrealized gains (losses) on 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 Partner’s Capital.

The Partnership and the Funds do not isolate that 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.

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

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 short positions. 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. Realized gains (losses) and changes in unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partner’s 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. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses and Changes in Partner’s 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.

ASC 740 Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 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 following is the major tax jurisdiction for the Partnership and the earliest tax year subject to examination: United States — 2006.

Subsequent Events.In 2009, the Partnership adopted ASC 855, Subsequent Events. The objective of ASC 855 is to establish general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are filed. Management has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Recent Accounting Pronouncements. In January 2010, the FASB issued guidance, which, among other things, amends ASC 820, Fair Value Measurements and Disclosures, to require entities to 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 which clarifies existing disclosure requirements 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. This guidance is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements which are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Partnership’s financial statements.

In February 2010, the FASB issued Accounting Standards UpdateNo. 2010-09 (“ASU2010-09”), “Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements,” which among other things amended ASC 855 to remove the requirement for an SEC filer to disclose the date through which subsequent events have been evaluated. This change alleviates potential conflicts between ASC 855 and the SEC’s requirements. All of the amendments in this update were effective upon issuance of this update. Management has included the provisions of these amendments in the financial statements.

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable 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 Partnerships (ii) equity in trading account, consisting of cash, net unrealized appreciation on open futures contracts and net unrealized appreciation on open forward contracts and (iii) interest receivables. Because of the low margin deposits normally required in futures trading, relatively small price movements may result in substantial losses to the Partnership, through its direct investments and investment in other partnerships. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the second quarter of 2010.

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

For the six months ended June 30, 2010, Partnership capital decreased 0.4% from $166,705,672 to $166,072,237. This decrease was attributable to a net loss from operations of $4,310,084 coupled with redemption of 11,460.8680 Redeemable Units resulting in an outflow of $15,761,351, which was partially offset by the additional sales of 14,047.0957 Redeemable Units totaling $19,438,000. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

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 partnerships (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 partnerships reflects its proportional interest in the partnerships. As of and for the periods ended June 30, 2010 and December 31,2009, the Partnership and the Funds did not hold any derivative instruments that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

Options.The Partnership/Funds may purchase and write (sell) both exchange listed and over-the-counter, 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. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses and Changes in Partner’s Capital.

Results of Operations

During the Partnership’s second quarter of 2010, the net asset value per Redeemable Unit decreased 2.7% from $1,409.41 to $1,371.12 as compared to a decrease of 0.5% in the second quarter of 2009. The Partnership experienced a net trading loss before brokerage fees and related fees in the second quarter of 2010 of $1,719,221. Losses were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, grains, livestock, metals, softs and indices and were partially offset by gains in U.S. and non-U.S. interest rates. The Partnership experienced a net trading gain before brokerage fees and related fees in the second quarter of 2009 of $2,678,236. Gains were primarily attributed to the trading in currencies, energy, grains, non-U.S. interest rates, livestock, and softs and were partially offset by losses in U.S. interest rates, metals, indices and lumber.

Equity markets sold off sharply during the second quarter of 2010, as the global economic recovery decelerated and investors began to worry about a ”double dip” recession. In Europe, the global credit crisis continued to morph into a sovereign debt crisis, placing significant constraints on governments’ ability to maintain unprecedented deficit spending programs. Losses were accumulated for the quarter as sharp price reversals in energy, equity indices, currencies and agricultural markets proved difficult for trading.

The second quarter macro environment was marked by two strong opposing forces that created volatile markets for many assets. Strong cyclical data supported the global recovery and growth story, while significant structural problems, primarily in Europe but also affecting most other developed economies weighed on sentiment. Within the global stock index sector, prices of U.S., European, and Pacific Rim equity index futures trended lower on growing concerns that Greece’s government debt crisis might spread throughout Europe, resulting in losses for the sector. Losses were also accumulated from trading Japanese Yen and Australian Dollar. In Japanese Yen, losses were attributed to an unexpected appreciation in the currency on a strong economic report that marked the economy’s fourth quarterly gain. On the other hand, the Australian Dollar dropped to a 10-month low in May as equities and commodities slumped on concern that Europe’s debt crisis will slow global growth. In soft commodities, losses were recorded primarily in trading cotton and coffee. Cotton prices experienced sharp reversals as a result of a tug-of-war between lower supplies from India, the world’s largest grower behind China, and lowered world demand as a result of the weak global economy. In coffee, prices unexpectedly jumped in June on concerns that global supplies may lag behind demand and as a weaker dollar lifted demand for commodities. A portion of these losses was offset by gains earned in interest rates as prices moved higher on flight to quality buying.

During the Partnership’s six months ended June 30, 2010 the net asset value per Redeemable Unit decreased 2.5% from $1,406.38 to $1,371.12 as compared to a decrease of 4.0% for the six months ended June 30, 2009. The Partnership experienced a net trading gain before brokerage fees and related fees in the six months ended June 30, 2010 of $1,640,616. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in energy, U.S. and non-U.S. interest rates and were partially offset by losses in currencies, grains, livestock, metals, softs and indices. The Partnership experienced a net trading loss before brokerage fees and related fees in the six months ended June 30, 2009 of $520,087. Losses were primarily attributed to the trading in currencies, U.S. and non-U.S. interest rates, metals and softs and were partially offset by gains in energy, grains, livestock, indices and lumber.

Commodity futures markets are highly volatile. The potential for broad and rapid price fluctuations increases 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 a30-day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on3-month U.S. Treasury bills maturing in 30 days from the date on which such weekly rate is determined. Alternatively, CGM may place up to all of the Partnership’s or a Fund’s assets in90-day U.S. Treasury bills and pay the Partnership 100% of the interest earned (or its allocable share thereof) on U.S. Treasury bills purchased for the Partnership. Interest income for the three months ended June 30, 2010 increased by $10,583 and for the six months ended June 30, 2010 decreased by $11,209, as compared to the corresponding periods in 2009. The increase in interest income is due to higher U.S. Treasury bill rates during the three months ended June 30, 2010 as compared to the corresponding periods in 2009. The decrease in interest income is due to lower U.S. Treasury bill rates during the six months ended June 30, 2010 as compared to the corresponding periods in 2009. 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/Fund’s account and upon interest rates over which neither the Partnership and the 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, additions and redemptions. Brokerage fees for the three and six months ended June 30, 2010 increased by $40,634 and $2,425, respectively, as compared to the corresponding periods in 2009. The increase in brokerage and fees is due to higher average net assets during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009.

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, additions and redemptions. Management fees for the three and six months ended June 30, 2010 increased by $20,969 and $16,579, respectively, as compared to the corresponding periods in 2009. The increase in management fees is due to higher average net assets during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009.

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, additions and redemptions. Administrative fees for the three and six months ended June 30, 2010 increased by $5,766 and $4,668, respectively, as compared to the corresponding periods in 2009. The increase in administrative fees is due to higher average net assets during the three and six months ended June 30, 2010 as compared to the corresponding periods in 2009.

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 months ended June 30, 2010 resulted in an incentive fee reversal of ($67,482). Trading performance for the six months ended June 30, 2010 resulted in incentive fees of $48,096. Trading performance for the three and six months ended June 30, 2009, resulted in incentive fees of $614,533 and $914,653.

In allocating the assets of the Partnership among the Advisors, the General Partner conducts proprietary research and considers the background of the advisor’s principals, as well as the advisor’s 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.

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 consequence of the organization of the Partnership as a limited partnership under applicable law.

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 fair 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 anyone-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 trading Value at Risk table reflects 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.

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of June 30, 2010. As of June 30, 2010, the Partnership’s total capitalization was $166,072,237.

June 30, 2010
(Unaudited)


			% of Total
Market Sector	Value at Risk		Capitalization
Currencies	$	2,876,511		1.73	%
Energy		8,750,960		5.27	%
Grains		576,770		0.35	%
Interest Rates U.S.		1,335,433		0.80	%
Interest Rates Non-U.S.		2,911,962		1.75	%
Livestock		121,702		0.07	%
Lumber		3,257		0.00	%*
Metals		926,635		0.56	%
Softs		391,830		0.24	%
Indices		1,854,623		1.12	%

Total	$	19,749,683		11.89	%


*		Due to rounding

The following tables indicate the trading Value at Risk associated with the Partnership’s direct investments and indirect investments in the Funds by market category as of June 30, 2010 and the highest, lowest and average value during the three months ended June 30, 2010. All open contracts trading risk exposures have been included in calculating the figures set forth below. 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, 2009.

As of June 30, 2010, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:

June 30, 2010
(Unaudited)


						Three months ended June 30, 2010
	Value at		% of Total			High		Low		Average Value
Market Sector	Risk		Capital			Value at Risk		Value at Risk		at Risk*

Currencies	$	1,620,748		0.97	%	$	3,886,751	$	1,620,748	$	2,408,614
Energy		575,457		0.34	%		1,283,311		440,556		649,825
Grains		359,592		0.22	%		694,712		220,523		392,467
Interest Rates U.S.		727,710		0.44	%		909,360		309,712		596,675
Interest Rates Non-U.S.		1,486,372		0.89	%		1,486,372		1,095,635		1,280,952
Livestock		100,500		0.06	%		132,500		32,850		76,083
Metals		476,227		0.29	%		849,409		435,388		509,426
Softs		261,035		0.16	%		539,702		192,635		383,333
Indices		993,290		0.60	%		2,979,873		993,290		1,726,730

Total	$	6,600,931		3.97	%


*		Average of month-end Values at Risk.

As of June 30, 2010, Altis Master’s total capital was $70,510,111. The Partnership owned approximately 32.9% of Altis Master. As of June 30, 2010, the 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:

June 30, 2010
(Unaudited)


						Three months ended June 30, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capital			Value at Risk		Value at Risk		Value at Risk*

Currencies	$	2,414,670		3.43	%	$	3,215,808	$	466,547	$	2,318,326
Energy		417,779		0.59	%		944,809		354,534		677,884
Grains		416,491		0.59	%		502,484		279,916		384,678
Interest Rates U.S.		971,600		1.38	%		972,350		252,188		657,183
Interest Rates Non -U.S.		1,565,394		2.22	%		1,773,721		740,034		1,383,968
Livestock		64,445		0.09	%		120,100		27,107		62,577
Lumber		9,900		0.01	%		22,000		1,100		9,533
Metals		1,231,606		1.75	%		1,742,043		1,016,632		1,160,603
Softs		397,553		0.56	%		488,952		199,670		349,970
Indices		2,373,690		3.37	%		7,740,340		564,742		3,033,893

Total	$	9,863,128		13.99	%


*		Average of month-end Values at Risk.

As of June 30, 2010, Sasco Master’s total capital was $37,463,342. The Partnership owned approximately 64.8% of Sasco Master. As of June 30, 2010, the 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:

June 30, 2010
(Unaudited)


						Three months ended June 30, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*

Energy	$	12,404,404		33.11	%	$	14,724,184	$	10,763,390	$	13,080,215

Totals	$	12,404,404		33.11	%


*		Average of month-end Values at Risk.

As of June 30, 2010, Waypoint Master’s total capitalization was $42,716,664. The Partnership owned approximately 70.9% of Waypoint Master. As of June 30, 2010, the 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:

June 30, 2010
(Unaudited)

						Three months ended June 30, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	650,686		1.52	%	$	11,817,974	$	650,686	$	4,383,389
Grains		113,050		0.26	%		154,000		31,000		124,950
Interest Rates U.S.		406,300		0.95	%		938,850		47,200		601,500
Interest Rates Non -U.S.		1,284,310		3.01	%		2,212,691		104,489		723,505
Metals		63,765		0.15	%		216,426		31,500		123,963
Indices		113,383		0.27	%		113,383		100,993		107,856

Total	$	2,631,494		6.16	%


*		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 (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.

Management 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 inRules 13a-15(e) and15d-15(e) under the Exchange Act) as of June 30, 2010 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’sinternal control over financial reportingis 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 June 30, 2010 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.

There are no material changes to 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, 2009, as updated by the Partership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.


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, 2009, and under Part II, Item 1A. “Risk Factors” in the Partnership’s Quarterly Report ended March 31, 2010 except that the following disclosure supersedes the risk factor set forth therein titled, “Regulatory changes could restrict the Partnership’s operations”.

Regulatory changes could restrict the Partnership’s operations.

Regulatory changes could adversely affect the Partnership by restricting its trading activities and/or increasing the costs or taxes to which the investors are subject. On July 21, 2010, the President signed into law major financial services reform legislation in the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). Among other things, the Act grants the CFTC and SEC broad rulemaking authority to implement various provisions of the Act including comprehensive regulation of the OTC derivatives market. The implementation of the Act could adversely affect the Partnership by increasing transaction and/or regulatory compliance costs. In addition, greater regulatory scrutiny may increase the Partnership’s and the General Partner’s exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the General Partner, including, without limitation, responding to investigations and implementing new policies and procedures. As a result, the General Partner’s time, attention and resources may be diverted from portfolio management activities. Other potentially adverse regulatory initiatives could develop suddenly and without notice.


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

For the three months ended June 30, 2010 there were additional sales to Limited Partners of 4,859.4974 Redeemable Units totaling $6,820,000. 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 additional 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

(c) Total Number of

(or Approximate

Redeemable

Dollar Value) of

(b) Average

Units Purchased

Redeemable Units

(a) Total Number of

Price Paid per

as Part of

that May Yet Be

Redeemable

Publicly Announced

Purchased Under the

Period

Units Purchased*

Unit**

Plans or Programs

April 1, 2010 –
April 30, 2010

2,011.4689

1,402.21

N/A

May 1, 2010 –
May 31, 2010

914.4407

1,399.87

N/A

June 1, 2010 –
June 30, 2010

1,124.4996

1,371.12

N/A

Total

4,050.4092

1,393.05

* Generally, limited partners are permitted to redeem their Redeemable Units as of the last day of each month on 10 days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption but 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).

3.2		Limited Partnership Agreement (filed as Exhibit 3.2 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).

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

(b)		Letter from the General Partner to Altis extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.1(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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

(b)		Letter from the General Partner to Fall River Capital LLC extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.2(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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

(b)		Letter from the General Partner to Waypoint Capital Management LLC extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.3(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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

(b)		Letter from the General Partner to Xplor Capital Management, LLC extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.4(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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

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

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

(b)		Letter from the General Partner to Cantab Capital Partners LLP extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.6(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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


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

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

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

(b)		Letter from the General Partner to Sasco extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.10(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

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

10.12		Management Agreement among the Partnership, the General Partner and PGR Capital LLP (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on November 5, 2009 and incorporated herein by reference).

10.13		Management Agreement among the Partnership, the General Partner and Blackwater Capital Management LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on February 28, 2010 and incorporated herein by reference).

10.14		Management Agreement among the Partnership, the General Partner and J E Moody & Company LLC (filed as Exhibit 10.14 on Form 10-K filed on March 31, 2010 and incorporated herein by reference).

10.15		Management Agreement among the Partnership, the General Partner and Cirrus Capital Management LLC (filed as Exhibit 10.1 on Form 8-K filed on May 5, 2010 and incorporated herein by reference).

The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference


(a)		31.1 — Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)

		31.2— Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer, Secretary and Director)

		32.1— Section 1350 Certification (Certification of President and Director)

		32.2— Section 1350 Certification (Certification of Chief Financial Officer, Secretary and Director)

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:		August 16, 2010

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

Date:		August 16, 2010

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Emerging Cta Portfolio 10-Q2010 Q2 Quarterly report

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