10-Q

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, 2011

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

For the transition period from            to           

Commission File Number 0-53211

EMERGING CTA PORTFOLIO  L.P.

(Exact name of registrant as specified in its charter)

New York	04-3768983
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Ceres Managed Futures LLC

522 Fifth Avenue - 14^th Floor

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(212) 296-1999

(Registrant’s telephone number, including area code)

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

Yes X  No  

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

Yes X  No  

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

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

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

Yes    No X

As of July 31, 2011, 136,486.8380 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, 2011 (unaudited) and December 31, 2010	3
	Condensed Schedules of Investments at June 30, 2011 (unaudited) and December 31, 2010	4 – 5
	Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2011 and 2010 (unaudited)	6
	Notes to Financial Statements (unaudited)	7 – 18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19 – 20
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21 – 26
Item 4.	Controls and Procedures	27
PART II - Other Information		28 – 29
Exhibits
Exhibit 31.1 Certification
Exhibit 31.2 Certification
Exhibit 32.1 Certification
Exhibit 32.2 Certification
101.INS XBRL Instance Document.
101.SCH XBRL Taxonomy Extension Schema Document.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB XBRL Taxonomy Extension Label Linkbase Document.
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

2

PART I

Item 1. Financial Statements

Emerging CTA Portfolio L.P.

Statements of Financial Condition

	(Unaudited)
	June 30,		December 31,
	2011		2010
Assets:
Investment in Funds, at fair value	$	145,903,172	$	93,009,857
Equity in trading account:
Cash		52,428,297		85,698,856
Cash margin		8,115,035		5,943,791
Net unrealized appreciation on open futures contracts		918,738		1,516,219
Net unrealized appreciation on open forward contracts		—		19,265
Options purchased, at fair value (cost $0 and $854,880 at June 30, 2011 and December 31, 2010, respectively)		—		901,226
Total trading equity		207,365,242		187,089,214
Interest receivable		749		7,439
Total assets	$	207,365,991	$	187,096,653
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	757,148	$	—
Accrued expenses:
Brokerage fees		602,609		545,698
Management fees		275,133		279,142
Administrative fees		85,787		77,685
Incentive fees		156,846		500,939
Other		117,664		107,923
Redemptions payable		7,017,584		2,059,665
Total liabilities		9,012,771		3,571,052
Partners’ Capital:
General Partner, 1,438.9316 and 1,302.6036 unit equivalents outstanding at June 30, 2011 and December 31, 2010		2,072,378		1,927,332
Limited Partners, 136,284.9037 and 122,734.7189 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively		196,280,842		181,598,269
Total partners’ capital		198,353,220		183,525,601
Total liabilities and partners’ capital	$	207,365,991	$	187,096,653
Net asset value per unit	$	1,440.22	$	1,479.60

See accompanying notes to financial statements.

3

Emerging CTA Portfolio L.P.

Condensed Schedule of Investments
June 30, 2011
(Unaudited)

	Notional ($)/
	Number					% of Partners’
	of Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		291	$	135,014			0.07	%
Energy		282		(625,743	)		(0.32	)
Grains		55		(94,143	)		(0.05	)
Indices		218		374,203			0.19
Interest Rates U.S.		1,277		6,949			0.00	*
Interest Rates Non-U.S.		897		(22,828	)		(0.01	)
Livestock		110		102,781			0.05
Metals		30		70,174			0.04
Softs		76		38,492			0.02
Total futures contracts purchased				(15,101	)		(0.01	)
Futures Contracts Sold
Currencies		83		(44,630	)		(0.02	)
Energy		282		708,439			0.36
Grains		69		121,916			0.06
Indices		104		(109,398	)		(0.06	)
Interest Rates U.S.		135		165,540			0.08
Interest Rates Non-U.S.		446		56,449			0.03
Livestock		26		(10,923	)		(0.01	)
Metals		25		51,692			0.03
Softs		9		(5,246	)		(0.00	)*
Total futures contracts sold				933,839			0.47
Unrealized Appreciation on Forward Contracts
Currencies	$	122,398,509		1,361,070			0.69
Metals		368		1,129,388			0.57
Total unrealized appreciation on forward contracts				2,490,458			1.26
Unrealized Depreciation on Forward Contracts
Currencies	$	120,805,494		(1,596,176	)		(0.81	)
Metals		419		(1,651,430	)		(0.83	)
Total unrealized depreciation on forward contracts				(3,247,606	)		(1.64	)
Investment in Funds
CMF Altis Partners Master Fund L.P.				4,852,102			2.45
Waypoint Master Fund L.P.				18,896,166			9.53
Blackwater Master Fund L.P.				28,243,764			14.24
PGR Master Fund L.P.				24,431,748			12.32
JEM Master Fund L.P.				23,832,944			12.01
CMF Cirrus Master Fund L.P.				23,785,703			11.99
Flintlock Master Fund L.P.				21,860,745			11.02
Total investment in Funds				145,903,172			73.56
Net fair value			$	146,064,762			73.64	%

* Due to rounding.

See accompanying notes to financial statements.

4

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

	Notional ($)/
	Number of					% of Partners’
	Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		200	$	313,957			0.17	%
Energy		62		233,896			0.13
Grains		250		538,738			0.29
Indices		163		16,869			0.01
Interest Rates U.S.		592		135,855			0.07
Interest Rates Non-U.S.		640		125,143			0.07
Livestock		214		259,202			0.14
Metals		75		315,525			0.17
Softs		66		18,323			0.01
Total futures contracts purchased				1,957,508			1.06
Futures Contracts Sold
Currencies		114		(56,972	)		(0.03	)
Energy		159		(55,211	)		(0.03	)
Grains		75		(191,587	)		(0.10	)
Indices		97		156,446			0.09
Interest Rates U.S.		6		25			0.00	*
Interest Rates Non-U.S.		22		7,402			0.00	*
Livestock		170		(207,591	)		(0.11	)
Softs		115		(93,801	)		(0.05	)
Total futures contracts sold				(441,289	)		(0.23	)
Unrealized Appreciation on Open Forward Contracts
Currencies	$	76,652,847		1,610,313			0.88
Metals		92		805,081			0.44
Total unrealized appreciation on open forward contracts				2,415,394			1.32
Unrealized Depreciation on Open Forward Contracts
Currencies	$	69,670,836		(1,639,341	)		(0.89	)
Metals		88		(756,788	)		(0.41	)
Total unrealized depreciation on open forward contracts				(2,396,129	)		(1.30	)
Options Purchased
Calls
Energy		106		295,740			0.16
Metals		109		574,070			0.31
Softs		11		31,416			0.02
Total options purchased				901,226			0.49
Investment in Funds
CMF Altis Partners Master Fund L.P.				17,568,791			9.57
CMF Sasco Master Fund L.P.				18,664,413			10.17
Waypoint Master Fund L.P.				21,455,619			11.69
Blackwater Master Fund L.P.				20,047,327			10.92
PGR Master Fund L.P.				15,273,707			8.32
Total investment in Funds				93,009,857			50.67
Net fair value			$	95,446,567			52.01	%

* Due to rounding.

See accompanying notes to financial statements.

5

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,
	2011			2010			2011			2010
Investment Income:
Interest income	$	2,408		$	27,245		$	16,692		$	40,647
Interest income from investment in Funds		6,997			25,416			39,195			37,483
Total investment income		9,405			52,661			55,887			78,130
Expenses:
Brokerage fees including clearing fees		2,196,819			1,787,929			4,239,712			3,481,259
Management fees		873,834			847,318			1,727,250			1,684,651
Administrative fees		260,370			212,352			500,705			421,685
Incentive fees		156,846			(67,482	)		276,307			48,096
Other		143,667			227,929			281,188			393,139
Total expenses		3,631,536			3,008,046			7,025,162			6,028,830
Net investment income (loss)		(3,622,131	)		(2,955,385	)		(6,969,275	)		(5,950,700	)
Trading Results:
Net gains (losses) on trading of commodity interests and investment in Funds:
Net realized gains (losses) on closed contracts		4,827,835			(1,711,594	)		4,212,221			(4,323,036	)
Net realized gains (losses) investment in Funds		(126,360	)		9,292,621			1,779,404			8,346,208
Change in net unrealized gains (losses) on open contracts		(1,483,705	)		(1,700,768	)		(1,420,240	)		626,819
Change in net unrealized gains (losses) on investment in Funds		492,442			(7,599,480	)		(2,820,240	)		(3,009,375	)
Total trading results		3,710,212			(1,719,221	)		1,751,145			1,640,616
Net income (loss)		88,081			(4,674,606	)		(5,218,130	)		(4,310,084	)
Subscriptions — Limited Partners		13,957,373			6,820,000			34,563,484			19,438,000
Subscriptions — General Partner		200,000			—			200,000			—
Redemptions — Limited Partners		(9,269,306	)		(5,642,424	)		(14,717,735	)		(15,761,351	)
Net increase (decrease) in Partners’ Capital		4,976,148			(3,497,030	)		14,827,619			(633,435	)
Partners’ Capital, beginning of period		193,377,072			169,569,267			183,525,601			166,705,672
Partners’ Capital, end of period	$	198,353,220		$	166,072,237		$	198,353,220		$	166,072,237
Net asset value per unit (137,723.8353 and 121,121.2027 units outstanding at June 30, 2011 and 2010, respectively)	$	1,440.22		$	1,371.12		$	1,440.22		$	1,371.12
Net income (loss) per unit*	$	0.99		$	(38.29	)	$	(39.38	)	$	(35.26	)
Weighted average units outstanding		141,017.6956			121,854.2150			136,690.7542			121,705.0634

* Based on change in net asset value per unit.

See accompanying notes to financial statements.

6

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

1. General:

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

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

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

     As of June 30, 2011, all trading decisions are made for the Partnership by its twelve 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, 2011 and December 31, 2010, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010.

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

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

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

7

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

2. Financial Highlights:

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net realized and unrealized gains (losses) *	$	11.12		$	(28.72	)	$	(19.34	)	$	(14.98	)
Interest income		0.07			0.43			0.42			0.64
Expenses **		(10.20	)		(10.00	)		(20.46	)		(20.92	)
Increase (decrease) for the period		0.99			(38.29	)		(39.38	)		(35.26	)
Net asset value per unit, beginning of period		1,439.23			1,409.41			1,479.60			1,406.38
Net asset value per unit, end of period	$	1,440.22		$	1,371.12		$	1,440.22		$	1,371.12

*	Includes brokerage fees and clearing fees.
**	Excludes brokerage fees and clearing fees.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Ratios to Average Net Assets:***
Net investment income (loss) before incentive fees****		(6.9	)%		(7.2	)%		(6.9	)%		(7.2	)%
Operating expenses		6.9	%		7.3	%		7.0	%		7.3	%
Incentive fees		0.1	%		—	%		0.1	%		—	%
Total expenses		7.0	%		7.3	%		7.1	%		7.3	%
Total return:
Total return before incentive fees		0.1	%		(2.8	)%		(2.5	)%		(2.5	)%
Incentive fees		—	%*****		0.1	%		(0.1	)%		—	%
Total return after incentive fees		0.1	%		(2.7	)%		(2.6	)%		(2.5	)%

***	Annualized (other than incentive fees).
****	Interest income less total expenses.
*****	Due to rounding.

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

3. Trading Activities:

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

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

     All of the commodity interests owned by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 3,716 and 5,127, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 4,096 and 5,605, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 1,002 and 344, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 778 and 428, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 0 and 10, respectively. The monthly average number of option contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 122 and 5, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were $418,864,114 and $273,331,911, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were $368,242,547 and $324,430,107, respectively.

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

8

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

	June 30, 2011
Assets
Futures Contracts
Currencies	$	142,702
Energy		1,051,792
Grains		122,765
Indices		375,140
Interest Rates Non-U.S.		224,830
Interest Rates U.S.		318,060
Livestock		121,550
Metals		129,940
Softs		55,721
Total unrealized appreciation on open futures contracts	$	2,542,500
Liabilities
Futures Contracts
Currencies	$	(52,318	)
Energy		(969,096	)
Grains		(94,992	)
Indices		(110,335	)
Interest Rates Non-U.S.		(191,209	)
Interest Rates U.S.		(145,571	)
Livestock		(29,692	)
Metals		(8,074	)
Softs		(22,475	)
Total unrealized depreciation on open futures contracts	$	(1,623,762	)
Net unrealized appreciation on open futures contracts	$	918,738	*

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

	June 30, 2011
Assets
Forward Contracts
Currencies	$	1,361,070
Metals		1,129,388
Total unrealized appreciation on open forward contracts	$	2,490,458
Liabilities
Forward Contracts
Currencies	$	(1,596,176	)
Metals		(1,651,430	)
Total unrealized depreciation on open forward contracts	$	(3,247,606	)
Net unrealized depreciation on open forward contracts	$	(757,148	)**

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

9

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

	December 31, 2010
Assets
Futures Contracts
Currencies	$	423,873
Energy		282,296
Grains		552,787
Indices		223,941
Interest Rates Non-U.S		151,118
Interest Rates U.S.		169,390
Livestock		259,202
Metals		315,525
Softs		43,918
Total unrealized appreciation on open futures contracts	$	2,422,050
Liabilities
Futures Contracts
Currencies	$	(166,888	)
Energy		(103,611	)
Grains		(205,637	)
Indices		(50,626	)
Interest Rates Non-U.S		(18,572	)
Interest Rates U.S.		(33,510	)
Livestock		(207,591	)
Softs		(119,396	)
Total unrealized depreciation on open futures contracts		(905,831	)
Net unrealized appreciation on open futures contracts	$	1,516,219	*

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

	December 31, 2010
Assets
Forward Contracts
Currencies	$	1,610,313
Metals		805,081
Total unrealized appreciation on open forward contracts	$	2,415,394
Liabilities
Forward Contracts
Currencies	$	(1,639,341	)
Metals		(756,788	)
Total unrealized depreciation on open forward contracts		(2,396,129	)
Net unrealized appreciation on open forward contracts	$	19,265	**

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

	December 31, 2010
Assets
Options Purchased
Energy	$	295,740
Metals		574,070
Softs		31,416
Total options purchased	$	901,226	***

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

10

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Sector	2011			2010			2011			2010
Currencies	$	(281,152	)	$	(1,821,042	)	$	(781,560	)	$	(3,111,822	)
Energy		(130,187	)		293,835			246,142			(484,557	)
Grains		(74,811	)		(482,131	)		416,310			11,465
Indices		(146,605	)		(3,016,853	)		(1,191,476	)		(3,086,993	)
Interest Rates U.S.		1,351,570			1,813,341			1,304,155			1,229,709
Interest Rates Non-U.S.		68,787			954,894			(389,499	)		2,002,782
Livestock		166,289			8,864			(139,557	)		(173,229	)
Metals		2,655,319			(745,108	)		3,042,421			(286,376	)
Softs		(265,080	)		(418,162	)		285,045			202,804
Total	$	3,344,130	****	$	(3,412,362	)****	$	2,791,981	****	$	(3,696,217	)****

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

4. Fair Value Measurements:

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

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

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

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

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

11

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	June 30, 2011		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Funds	$	145,903,172	$	—	$	145,903,172	$	—
Futures		2,542,500		2,542,500		—		—
Forwards		2,490,458		1,129,388		1,361,070		—
Total assets		150,936,130		3,671,888		147,264,242		—
Liabilities
Futures	$	1,623,762	$	1,623,762	$	—	$	—
Forwards		3,247,606		1,651,430		1,596,176		—
Total liabilities		4,871,368		3,275,192		1,596,176		—
Net fair value	$	146,064,762	$	396,696	$	145,668,066	$	—
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	December 31, 2010*		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Funds	$	93,009,857	$	—	$	93,009,857	$	—
Futures		2,422,050		2,422,050		—		—
Forwards		2,415,394		805,081		1,610,313		—
Options purchased		901,226		901,226		—		—
Total assets		98,748,527		4,128,357		94,620,170		—
Liabilities
Futures	$	905,831	$	905,831	$	—	$	—
Forwards		2,396,129		756,788		1,639,341		—
Total liabilities		3,301,960		1,662,619		1,639,341		—
Net fair value	$	95,446,567	$	2,465,738	$	92,980,829	$	—

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

5. Investment in Funds:

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

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

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

12

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

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

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

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

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

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

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

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

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

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

     At June 30, 2011, the Partnership owned approximately 4.7% of Altis Master, 49.8% of Waypoint Master, 77.7% of PGR Master, 81.3% of Blackwater Master, 65.7% of JEM Master, 89.2% of Cirrus Master and 85.0% of Flintlock Master. At December 31, 2010, the Partnership owned approximately 27.6%, of Altis Master, 22.8% of Sasco Master, 52.0% of Waypoint Master, 74.9% of PGR Master and 77.3% of Blackwater Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same and the redemption rights are not affected.

13

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

	June 30, 2011
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	104,815,171	$	945,798	$	103,869,373
Waypoint Master		38,256,105		292,377		37,963,728
Blackwater Master		35,191,918		447,132		34,744,786
PGR Master		31,466,858		41,093		31,425,765
JEM Master		36,304,867		29,133		36,275,734
Cirrus Master		26,670,574		17,302		26,653,272
Flintlock Master		26,378,745		647,258		25,731,487
Total	$	299,084,238	$	2,420,093	$	296,664,145

	December 31, 2010
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	64,276,767	$	591,256	$	63,685,511
Sasco Master		81,882,294		198,664		81,683,630
Waypoint Master		41,306,976		59,330		41,247,646
Blackwater Master		25,966,821		28,810		25,938,011
PGR Master		20,415,391		28,810		20,386,581
Total	$	233,848,249	$	906,870	$	232,941,379

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

	For the three months ended June 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(86,627	)	$	(11,353,961	)	$	(11,440,588	)
Sasco Master		(337,870	)		3,450,469			3,112,599
Waypoint Master		(49,050	)		846,382			797,332
Blackwater Master		(20,229	)		(503,805	)		(524,034	)
PGR Master		(26,281	)		(107,699	)		(133,980	)
JEM Master		(200,955	)		1,503,277			1,302,322
Cirrus Master		(22,683	)		667,044			644,361
Flintlock Master		(45,798	)		(1,835,364	)		(1,881,162	)
Total	$	(789,493	)	$	(7,333,657	)	$	(8,123,150	)

	For the six months ended June 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(139,884	)	$	(19,456,564	)	$	(19,596,448	)
Sasco Master		(707,823	)		1,199,725			491,902
Waypoint Master		(113,465	)		(760,597	)		(874,062	)
Blackwater Master		(47,734	)		516,903			469,169
PGR Master		(53,692	)		483,766			430,074
JEM Master		(306,111	)		1,316,107			1,009,996
Cirrus Master		(42,492	)		1,328,826			1,286,334
Flintlock Master		(45,798	)		(1,835,364	)		(1,881,162	)
Total	$	(1,456,999	)	$	(17,207,198	)	$	(18,664,197	)

	For the three months ended June 30, 2010
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(80,238	)	$	(6,238,080	)	$	(6,318,318	)
Avant Master		(21,635	)		444,954			423,319
Sasco Master		(327,998	)		(772,096	)		(1,100,094	)
Waypoint Master		(47,691	)		5,344,480			5,296,789
Total	$	(477,562	)	$	(1,220,742	)	$	(1,698,304	)

	For the six months ended June 30, 2010
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(119,263	)	$	(4,102,014	)	$	(4,221,277	)
Avant Master		(45,162	)		1,063,684			1,018,522
Sasco Master		(568,579	)		2,140,632			1,572,053
Waypoint Master		(59,189	)		5,917,533			5,858,344
Total	$	(792,193	)	$	5,019,835		$	4,227,642

14

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

	June 30, 2011					For the three months ended June 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.45	%	$	4,852,102	$	(582,053	)	$	6,111	$	1,966	$	(590,130	)	Commodity Portfolio	Monthly
Sasco Master		—			—		751,955			44,717		10,124		697,114		Energy Markets	Monthly
Waypoint Master		9.53	%		18,896,166		446,287			18,059		7,829		420,399		Commodity Portfolio	Monthly
Blackwater Master		14.24	%		28,243,764		(387,412	)		14,676		3,234		(405,322	)	Commodity Portfolio	Monthly
PGR Master		12.32	%		24,431,748		(101,708	)		7,166		14,258		(123,132	)	Commodity Portfolio	Monthly
JEM Master		12.01	%		23,832,944		1,205,602			134,806		15,470		1,055,326		Commodity Portfolio	Monthly
Cirrus Master		11.99	%		23,785,703		599,088			13,157		8,097		577,834		Energy Markets	Monthly
Flintlock Master		11.02	%		21,860,745		(1,558,680	)		31,750		7,774		(1,598,204	)	Commodity Portfolio	Monthly
Total				$	145,903,172	$	373,079		$	270,442	$	68,752	$	33,885

	June 30, 2011					For the six months ended June 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.45	%	$	4,852,102	$	(2,460,584	)	$	17,679	$	5,993	$	(2,484,256	)	Commodity Portfolio	Monthly
Sasco Master		—			—		443,762			104,912		18,860		319,990		Energy Markets	Monthly
Waypoint Master		9.53	%		18,896,166		(360,913	)		43,966		18,889		(423,768	)	Commodity Portfolio	Monthly
Blackwater Master		14.24	%		28,243,764		396,604			27,797		16,516		352,291		Commodity Portfolio	Monthly
PGR Master		12.32	%		24,431,748		349,443			13,008		32,020		304,415		Commodity Portfolio	Monthly
JEM Master		12.01	%		23,832,944		1,023,375			235,905		24,470		763,000		Commodity Portfolio	Monthly
Cirrus Master		11.99	%		23,785,703		1,165,352			27,754		15,723		1,121,875		Energy Markets	Monthly
Flintlock Master		11.02	%		21,860,745		(1,558,680	)		31,750		7,774		(1,598,204	)	Commodity Portfolio	Monthly
Total				$	145,903,172	$	(1,001,641	)	$	502,771	$	140,245	$	(1,644,657	)

	December 31, 2010					For the three months ended June 30, 2010
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		9.57	%	$	17,568,791	$	(2,033,754	)	$	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		10.17	%		18,664,413		(492,523	)		102,363		118,069		(712,955	)	Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		3,798,468			29,111		12,906		3,756,451		Commodity Portfolio	Monthly
Blackwater Master		10.92	%		20,047,327		—			—		—		—		Commodity Portfolio	Monthly
PGR Master		8.32	%		15,273,707		—			—		—		—		Commodity Portfolio	Monthly
Total				$	93,009,857	$	1,718,557		$	159,038	$	159,650	$	1,399,869

15

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

	December 31, 2010					For the six months ended June 30, 2010
	% of Partnership’s								Expenses				Net Income			Investment	Redemptions
Funds	Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		(Loss)			Objective	Permitted
Altis Master		9.57	%	$	17,568,791	$	(1,301,292	)	$	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		10.17	%		18,664,413		1,401,735			179,520		200,792		1,021,423		Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		4,206,981			35,208		17,299		4,154,474		Commodity Portfolio	Monthly
Blackwater Master		10.92	%		20,047,327		—			—		—		—		Commodity Portfolio	Monthly
PGR Master		8.32	%		15,273,707		—			—		—		—		Commodity Portfolio	Monthly
Total				$	93,009,857	$	5,374,316		$	260,517	$	270,921	$	4,842,878

6. Financial Instrument Risks:

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

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

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

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

     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,

16

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

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

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

7. Critical Accounting Policies

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

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

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

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

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

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

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

17

Emerging CTA Portfolio L.P.

Notes to Financial Statements
June 30, 2011
(Unaudited)

     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. Net realized gains (losses) and changes in net 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 Partners’ Capital.

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

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

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

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

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

     The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2007 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability.

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

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

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

18

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

Liquidity and Capital Resources

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

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

     For the six months ended June 30, 2011, Partnership capital increased 8.1% from $183,525,601 to $198,353,220. This increase was attributable to the subscriptions of 23,693.4036 Redeemable Units totaling $34,563,484 and 136.3280 General Partner unit equivalents totaling $200,000, which was partially offset by a net loss from operations of $5,218,130 coupled with the redemption of 10,143.2188 Redeemable Units resulting in an outflow of $14,717,735. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

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

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

Results of Operations

     During the Partnership’s second quarter of 2011, the net asset value per unit increased 0.1% from $1,439.23 to $1,440.22 as compared to a decrease of 2.7% in the second quarter of 2010. The Partnership experienced a net trading gain before brokerage fees and related fees in the second quarter of 2011 of $3,710,212. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, U.S. interest rates, livestock and metals, and were partially offset by losses in grains, indices, non-U.S. interest rates and softs. 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.

     During the second quarter the most significant gains were recorded within the global interest rate sector, primarily during May, from long positions in U.S. fixed-income futures as prices increased following reports that showed the U.S. economy grew less than forecast and U.S. jobless claims unexpectedly rose, thereby boosting demand for the relative “safety” of government bonds. Within the currency sector, gains were primarily recorded in April. The U.S. dollar index experienced its largest monthly decline since September of last year as Federal Reserve Chairman Bernanke maintained an accommodative stance in the U.S., while the European Central Bank raised interest rates to fight inflation. Additional downward pressure came in the form of an S&P downgrade, mid-month, to the U.S. long-term credit outlook. As a result, profits were recorded in short U.S. dollar positions against commodity-linked currencies, such as the Australian dollar and New Zealand dollar. Gains were also recorded in trading developed market currencies, such as the British pound, Swiss franc and euro, as well as emerging market currencies, such as the Brazilian real and Mexican peso. Within the metals sector, gains were recorded in precious metals, particularly silver, as prices reached a 31- year high.

     A portion of the Partnership’s gains during the quarter was offset by losses in global stock indices and agricultural commodities. Within the global stock index sector, losses were incurred primarily in May from long positions in European, U.S., and Pacific Rim equity index futures as prices declined after worse-than-expected economic reports and mounting worries over the European debt crisis stoked concern the global economic recovery is faltering. Within the agricultural complex, losses were recorded primarily in April from long positions in cotton futures as prices declined to a three-month low on concern demand may slow from China, the world’s biggest buyer of the fiber. Additional losses were experienced during June from long positions in wheat futures as prices fell on speculation that warm weather would aid U.S. crops.

     During the Partnership’s six months ended June 30, 2011, the net asset value per unit decreased 2.6% from $1,479.60 to $1,440.22 as compared to a decrease of 2.5% in the six months ended June 30, 2010. The Partnership experienced a net trading gain before brokerage fees and related fees in the six months ended June 30, 2011 of $1,751,145. Gains were primarily attributable to the Partnership/Funds’ trading of commodity futures in currencies, energy, grains, U.S. interest rates, livestock and metals, and were partially offset by losses in indices, non-U.S. interest rates and softs. 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 and U.S. and non-U.S. interest rates and were partially offset by losses in currencies, grains, livestock, metals, softs and indices.

19

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

     Interest income is earned on 100% of the Partnership’s average daily equity maintained in cash in its (or the Partnership’s allocable portion of a Fund’s) account during each month at the 30-day U.S. Treasury bill rate determined weekly by CGM based on the average noncompetitive yield on 3-month U.S. Treasury bills maturing in 30 days from the date on which such weekly rate is determined. Interest income for the three and six months ended June 30, 2011 decreased by $43,256 and $22,243, respectively, as compared to the corresponding periods in 2010. The decrease in interest income is due to lower U.S. Treasury bill rates during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership and the Funds depends on the average daily equity in the Partnership’s/Funds’ account and upon interest rates over which neither the Partnership/Funds nor CGM has control.

     Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Brokerage fees for the three and six months ended June 30, 2011 increased by $408,890 and $758,453, respectively, as compared to the corresponding periods in 2010. The increase in brokerage fees is due to higher average net assets during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010.

     Management fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees for the three and six months ended June 30, 2011 increased by $26,516 and $42,599, respectively, as compared to the corresponding periods in 2010. The increase in management fees is due to higher average net assets during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010.

     Administrative fees are paid to the General Partner for administering the business and affairs of the Partnership. These fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Administrative fees for the three and six months ended June 30, 2011 increased by $48,018 and $79,020, respectively, as compared to the corresponding periods in 2010. The increase in administrative fees is due to higher average net assets during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010.

     Incentive fees paid by the Partnership to the Advisors are based on the new trading profits generated by each Advisor at the end of the quarter, as defined in the management agreements among the Partnership, the General Partner and each Advisor. Trading performance for the three and six months ended June 30, 2011 resulted in incentive fees of $156,846 and $276,307, respectively. Trading performance for the three months ended June 30, 2010, resulted in incentive fee reversal of ($67,482). Trading performance for the six months ended June 30, 2010 resulted in incentive fees of $48,096.

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

20

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 result 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 market value of financial instruments and contracts, the diversification effects among the Partnership’s/Funds’ open contracts and the liquidity of the markets in which they trade.

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

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

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

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

     The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of June 30, 2011 and December 31, 2010. As of June 30, 2011, the Partnership’s total capitalization was $198,353,220.

June 30, 2011

			% of Total
Market Sector	Value at Risk		Capitalization
Currencies	$	4,621,859		2.33	%
Energy		1,877,892		0.95	%
Grains		407,598		0.21	%
Indices		3,063,339		1.54	%
Interest Rates U.S.		1,423,979		0.72	%
Interest Rates Non-U.S.		2,611,951		1.32	%
Livestock		456,610		0.23	%
Lumber		637,091		0.32	%
Metals		1,094,970		0.55	%
Softs		364,245		0.18	%
Total	$	16,559,534		8.35	%

21

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

December 31, 2010

			% of Total
Market Sector	Value at Risk		Capitalization
Currencies	$	3,742,488		2.05	%
Energy		3,712,642		2.02	%
Grains		610,757		0.33	%
Indices		3,061,953		1.67	%
Interest Rates U.S.		653,137		0.36	%
Interest Rates Non-U.S.		1,216,750		0.66	%
Livestock		268,789		0.15	%
Lumber		1,435		0.00	%*
Metals		1,427,354		0.78	%
Softs		756,573		0.41	%
Total	$	15,451,878		8.43	%

* Due to rounding

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

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

June 30, 2011

						Three months ended June 30, 2011
	Value at		% of Total			High		Low		Average Value
Market Sector	Risk		Capital			Value at Risk		Value at Risk		at Risk*
Currencies	$	2,667,334		1.34	%	$	3,016,047	$	1,288,708	$	2,139,800
Energy		503,640		0.25	%		760,881		276,025		464,379
Grains		100,031		0.05	%		502,648		81,740		183,263
Indices		1,243,729		0.63	%		1,630,373		732,387		985,071
Interest Rates U.S.		755,644		0.38	%		1,040,492		595,822		884,648
Interest Rates Non-U.S.		933,233		0.47	%		942,076		548,535		763,296
Livestock		130,050		0.07	%		181,100		28,500		106,758
Metals		267,982		0.13	%		2,138,330		120,975		517,314
Softs		151,405		0.08	%		867,645		144,455		245,211
Total	$	6,753,048		3.40	%

* Average of month-end Values at Risk.

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

December 31, 2010

						Twelve months ended December 31, 2010
	Value at		% of Total			High		Low		Average Value
Market Sector	Risk		Capital			Value at Risk		Value at Risk		at Risk*
Currencies	$	1,070,681		0.58	%	$	8,643,224	$	1,620,748	$	2,949,106
Energy		756,948		0.41	%		1,430,685		440,556		761,191
Grains		318,900		0.17	%		738,061		180,375		346,994
Indices		1,200,793		0.66	%		2,979,873		798,017		1,950,676
Interest Rates U.S.		499,400		0.27	%		1,930,750		288,485		942,116
Interest Rates Non-U.S.		571,973		0.31	%		3,055,102		281,406		1,478,558
Livestock		145,900		0.08	%		268,450		32,850		111,777
Metals		779,984		0.43	%		1,077,058		286,188		619,746
Softs		476,838		0.26	%		690,412		192,635		402,287
Total	$	5,821,417		3.17	%

* Annual average of month-end Values at Risk.

22

     As of June 30, 2011, Altis Master’s total capital was $103,869,373. The Partnership owned approximately 4.7% of Altis Master. As of June 30, 2011, Altis Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Altis for trading) was as follows:

June 30, 2011

						Three months ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capital			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	2,577,430		2.48	%	$	4,043,859	$	1,499,893	$	2,914,230
Energy		1,327,961		1.28	%		2,954,905		374,821		1,279,237
Grains		519,081		0.50	%		1,290,740		326,477		656,920
Indices		1,616,300		1.56	%		4,865,066		719,883		2,328,540
Interest Rates U.S.		480,200		0.46	%		1,007,400		445,650		617,058
Interest Rates Non -U.S.		1,700,061		1.64	%		1,814,978		535,752		1,269,522
Livestock		150,410		0.14	%		244,350		52,475		115,828
Lumber		27,000		0.03	%		69,000		13,500		25,500
Metals		1,229,811		1.18	%		2,447,050		644,520		1,129,073
Softs		778,782		0.75	%		1,748,653		495,644		1,024,497
Total	$	10,407,036		10.02	%

* Average of month-end Values at Risk.

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

December 31, 2010

						Twelve months ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capital			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	3,113,522		4.89	%	$	3,481,070	$	143,363	$	2,231,735
Energy		1,077,195		1.69	%		2,479,469		236,868		1,086,124
Grains		483,876		0.76	%		915,463		136,257		435,755
Indices		1,251,469		1.97	%		7,740,340		220,942		2,503,689
Interest Rates U.S.		191,408		0.30	%		1,193,750		110,116		570,835
Interest Rates Non -U.S.		733,663		1.15	%		1,849,973		183,212		1,000,258
Livestock		107,232		0.17	%		170,400		22,320		82,718
Lumber		5,200		0.01	%		27,500		1,100		9,287
Metals		1,079,175		1.69	%		2,589,641		241,177		1,152,447
Softs		747,574		1.17	%		937,879		199,670		499,464
Total	$	8,790,314		13.80	%

* Annual average of month-end Values at Risk.

23

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

December 31, 2010

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

* Annual average of month-end Values at Risk.

     As of June 30, 2011, Waypoint Master’s total capitalization was $37,963,728. The Partnership owned approximately 49.8% of Waypoint Master. As of June 30, 2011, Waypoint Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Waypoint for trading) was as follows:

June 30, 2011

						Three months ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	1,978,315		5.21	%	$	10,317,436	$	381,280	$	6,777,194
Energy		46,750		0.12	%		112,500		42,500		51,875
Grains		40,250		0.11	%		111,500		19,250		75,875
Indices		1,040,966		2.74	%		1,280,802		200,908		648,984
Interest Rates U.S.		26,000		0.07	%		591,250		26,000		367,367
Interest Rates Non-U.S.		697,203		1.84	%		1,537,795		78,185		821,745
Metals		142,500		0.37	%		170,512		40,500		156,506
Softs		37,800		0.10	%		105,300		37,800		62,100
Total	$	4,009,784		10.56	%

* Average of month-end Values at Risk.

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

December 31, 2010

						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	1,878,430		4.55	%	$	11,817,974	$	633,809	$	5,198,266
Indices		901,236		2.18	%		1,613,660		100,993		790,428
Metals		80,750		0.20	%		216,436		31,500		66,207
Total	$	2,860,416		6.93	%

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

24

     As of June 30, 2011, PGR Master’s total capitalization was $31,425,765. The Partnership owned approximately 77.7% of PGR Master. As of June 30, 2011, PGR Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to PGR for trading) was as follows:

June 30, 2011

						Three months ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	160,222		0.51	%	$	215,746	$	136,005	$	169,091
Energy		210,298		0.67	%		343,619		154,095		251,494
Grains		43,612		0.14	%		93,250		37,750		67,454
Indices		464,495		1.48	%		823,818		451,440		624,393
Interest Rates U.S.		271,600		0.86	%		393,800		234,600		299,075
Interest Rates Non -U.S.		793,338		2.52	%		793,338		429,966		603,584
Livestock		1,200		0.00	%**		10,800		1,200		4,400
Metals		132,500		0.42	%		220,971		77,258		133,010
Softs		95,865		0.31	%		108,860		61,317		83,750
Total	$	2,173,130		6.91	%

*	Average of month-end Values at Risk.
**	Due to rounding.

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

December 31, 2010

						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	183,120		0.90	%	$	183,120	$	103,066	$	154,058
Energy		252,600		1.24	%		252,600		107,024		195,337
Grains		111,250		0.54	%		111,250		43,750		83,625
Indices		617,024		3.03	%		621,232		385,104		524,198
Interest Rates U.S.		80,800		0.40	%		141,150		66,450		81,150
Interest Rates Non-U.S.		180,603		0.89	%		265,434		135,161		161,976
Livestock		10,000		0.05	%		11,000		6,000		9,500
Metals		162,000		0.79	%		162,000		69,500		125,875
Softs		98,003		0.48	%		109,657		57,757		89,793
Total	$	1,695,400		8.32	%

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

     As of June 30, 2011, Blackwater Master’s total capitalization was $34,744,786. The Partnership owned approximately 81.3% of Blackwater Master. As of June 30, 2011, Blackwater Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Blackwater for trading) was as follows:

June 30, 2011

						Three months ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	890,150		2.56	%	$	1,876,683	$	890,150	$	1,011,517
Energy		446,336		1.28	%		868,462		19,250		175,945
Grains		84,000		0.24	%		141,000		42,000		73,500
Indices		1,063,136		3.06	%		1,607,842		541,808		952,159
Interest Rates U.S.		518,800		1.49	%		969,300		219,050		480,350
Interest Rates Non -U.S.		781,285		2.25	%		807,320		330,533		571,484
Metals		279,849		0.81	%		758,876		279,843		505,780
Softs		102,000		0.30	%		119,000		102,000		102,000
Total	$	4,165,556		11.99	%

* Average of month-end Values at Risk.

25

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

December 31, 2010

						For the period ended December 31, 2010
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	903,667		3.48	%	$	903,667	$	577,300	$	765,383
Energy		357,370		1.38	%		508,250		184,174		350,610
Grains		97,000		0.37	%		97,000		30,000		48,500
Indices		756,741		2.92	%		1,256,105		756,741		941,241
Interest Rates U.S.		52,250		0.20	%		171,550		14,700		33,475
Interest Rates Non-U.S.		397,172		1.53	%		445,693		86,447		358,644
Livestock		111,000		0.43	%		111,000		40,000		97,000
Metals		240,867		0.93	%		346,947		240,866		283,148
Total	$	2,916,067		11.24	%

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

     As of June 30, 2011, JEM Master’s total capitalization was $36,275,734. The Partnership owned approximately 65.7% of JEM Master. As of June 30, 2011, JEM Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to JE Moody for trading) was as follows:

June 30, 2011

						Three months ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Energy	$	1,496,250		4.12	%	$	4,614,951	$	666,200	$	1,969,681
Grains		74,925		0.21	%		155,275		8,250		51,175
Livestock		562,050		1.55	%		562,050		107,600		296,333
Softs		54,150		0.15	%		658,900		35,700		142,883
Total	$	2,187,375		6.03	%

* Average of month-end Values at Risk.

     As of June 30, 2011, Flintlock Master’s total capitalization was $25,731,487. The Partnership owned approximately 85.0% of Flintlock Master. As of June 30, 2011, Flintlock Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Flintlock for trading) was as follows:

June 30, 2011

						For the period ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Energy	$	896,804		3.49	%	$	1,601,607	$	310,811	$	1,119,882
Grains		189,350		0.73	%		385,300		177,050		247,700
Livestock		374,775		1.46	%		374,775		129,225		290,863
Metals		748,026		2.91	%		1,902,789		245,084		743,576
Softs		432,650		1.68	%		471,650		96,650		394,850
Total	$	2,641,605		10.27	%

* For the period May 1, 2011 (commencement of trading operations) to June 30, 2011 average of month-end Values at Risk.

26

Item 4. Controls and Procedures

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

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

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

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

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

• provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

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

27

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, 2010, as updated by the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011.

28

Item 1A. Risk Factors

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

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

     For the three months ended June 30, 2011 there were subscriptions of 9,605.6211 Redeemable Units totaling $13,957,373 and 136.3280 General Partner unit equivalents totaling $200,000. 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
							(or Approximate
					(c) Total Number		Dollar Value) of
	(a) Total				of Redeemable Units		Redeemable Units that
	Number of		(b) Average		Purchased as Part		May Yet Be
	Redeemable		Price Paid per		of Publicly Announced		Purchased Under the
Period	Units Purchased*		Redeemable Unit**		Plans or Programs		Plans or Programs
April 1, 2011 - April 30, 2011		1,171.7335	$	1,501.65		N/A		N/A
May 1, 2011 - May 31, 2011		335.4952	$	1,467.05		N/A		N/A
June 1, 2011 - June 30, 2011		4,872.5775	$	1,440.22		N/A		N/A
		6,379.8062	$	1,452.91

*

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

**

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

Item 3. Defaults Upon Senior Securities. None.

Item 4. [Removed and Reserved].

Item 5. Other Information. None.

29

Item 6. Exhibits

3.1(a)	Certificate of Limited Partnership dated June 30, 2003 (filed as Exhibit 3.1 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Certificate of Amendment of the Certificate of Limited Partnership dated September 21, 2005 (filed as Exhibit 3.1(a) to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(c)	Certificate of Amendment of the Certificate of Limited Partnership dated September 19, 2008 (filed as Exhibit 3.1(c) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
(d)	Certificate of Amendment of the Certificate of Limited Partnership dated September 28, 2009 (filed as Exhibit 99.1 to the Current Report on Form 8-K filed on September 30, 2009 and incorporated herein by reference).
(e)	Certificate of Amendment of the Certificate of Limited Partnership dated June 30, 2010 (filed as Exhibit 3.1(e) to the Current Report on Form 8-K filed on July 2, 2010 and incorporated herein by reference).
3.2	Second Amended and Restated Limited Partnership Agreement (filed as Exhibit 3.2 to the Current Report on Form 8-K filed on November 1, 2010 and incorporated herein by reference).
10.1(a)	Management Agreement among the Partnership, the General Partner and Altis (filed as Exhibit 10.1 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Altis extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.1(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.2(a)	Management Agreement among the Partnership, the General Partner and Fall River Capital LLC (filed as Exhibit 10.2 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Fall River Capital LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.2(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.3(a)	Management Agreement among the Partnership, the General Partner and Waypoint Capital Management LLC (filed as Exhibit 10.4 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Waypoint Capital Management LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.3(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.4(a)	Management Agreement among the Partnership, the General Partner and Xplor Capital Management, LLC (filed as Exhibit 10.5 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Xplor Capital Management, LLC extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.4(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.5(a)	Management Agreement among the Partnership the General Partner and Avant (filed as Exhibit 10.6 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Avant extending the Management Agreement from June 30, 2009 to June 30, 2010 (filed as Exhibit 10.5(b) on Form 10-K filed on March 31, 2010 and incorporated herein by reference).
10.6(a)	Management Agreement among the Partnership, the General Partner and Cantab Capital Partners LLP (filed as Exhibit 10.7 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
(b)	Letter from the General Partner to Cantab Capital Partners LLP extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.6(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.7	Customer Agreement between the Partnership, the General Partner and CGM (filed as Exhibit 10.9 to the General Form for Registration of Securities on Form 10 filed on April 30, 2008 and incorporated herein by reference).
10.8	Amended and Restated Agency Agreement between the Partnership, the General Partner, CGM and MSSB (filed as Exhibit 10.8 to the Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference).
10.9	Form of Subscription Agreement (filed as Exhibit 10.11 to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
10.10 (a)	Management Agreement among the Partnership, the General Partner and Sasco (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on April 21, 2009 and incorporated herein by reference).

30

(b)	Letter from the General Partner to Sasco extending the Management Agreement from June 30, 2010 to June 30, 2011 (filed as Exhibit 10.10(b) on Form 10-K filed on March 31, 2011 and incorporated herein by reference).
10.11	Joinder Agreement among the Partnership, the General Partner, CGM and MSSB (filed as Exhibit 10 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009 filed on August 14, 2009 and incorporated herein by reference).
10.12	Form of Amended and Restated Management Agreement among the Partnership, the General Partner and PGR Capital LLP (filed herewith).
10.13	Amended and Restated Management Agreement among the Partnership, the General Partner and Blackwater Capital Management LLC (filed as Exhibit 10.13 to the Current Report on Form 8-K filed on November 4, 2010 and incorporated herein by reference).
10.14	Amended and Restated Management Agreement among the Partnership, the General Partner and J E Moody & Company LLC (filed as Exhibit 10.14 to the Current Report on Form 10-K filed on January 3, 2011 and incorporated herein by reference).
10.15	Amended and Restated Management Agreement among the Partnership, the General Partner and Cirrus Capital Management LLC (filed as Exhibit 10.15 to the Current Report on Form 8-K filed on January 3, 2011 and incorporated herein by reference).
10.16	Management Agreement among the Partnership, the General Partner and Flintlock Capital Asset Management, LLC (filed as Exhibit 10.16 to the Current Report on Form 8-K filed on December 1, 2010 and incorporated herein by reference).
10.17	Management Agreement among the Partnership, the General Partner and Willowbridge Associates Inc. (filed as Exhibit 10.17 to the Current Report on Form 8-K filed on June 2, 2011 and incorporated herein by reference).

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

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

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

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

101.INS XBRL Instance Document.

101.SCH XBRL Taxonomy Extension Schema Document.

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB XBRL Taxonomy Extension Label Linkbase Document.

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

31

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 15, 2011
By:	/s/ Jennifer Magro Jennifer Magro
	Chief Financial Officer and Director
	(Principal Accounting Officer)
Date:	August 15, 2011

32

EX-10.12

Exhibit 10.12

SECOND AMENDED AND RESTATED MANAGEMENT AGREEMENT

     This SECOND AMENDED AND RESTATED MANAGEMENT AGREEMENT made as of the 15^th day of August, 2011 is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF” or the “General Partner”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and PGR Capital LLP, a United Kingdom limited liability partnership (the “Advisor,” together with the General Partner and the Partnership, the “Parties”). This Agreement amends and restates the Amended and Restated Management Agreement dated as of November 1, 2010 (the “Existing Agreement”) by and among the Parties.

WITNESSETH:

     WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation, such trading to be conducted directly or through investment in PGR Master Fund L.P., a Delaware limited partnership (the “Master Fund”), of which CMF is the general partner and PGR is the advisor; and

     WHEREAS, the Second Amended and Restated Limited Partnership Agreement dated as of October 20, 2010 (the “Partnership Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and

     WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”), is a member of the National Futures Association (“NFA”) and is authorized and regulated in the United Kingdom by the Financial Services Authority (“FSA”); and

     WHEREAS, CMF is registered as a commodity trading advisor and a commodity pool operator with the CFTC and is a member of the NFA; and

     WHEREAS, the Parties have entered into the Existing Agreement and now wish to amend and restate the Existing Agreement to increase the amount of leverage used to manage the Partnership’s assets and to make other appropriate changes; and

     WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this Agreement;

     NOW, THEREFORE, the parties agree as follows:

     1. DUTIES OF THE ADVISOR, (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it by the General Partner in commodity

interests, including commodity futures contracts, options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Private Placement Memorandum dated October 2010, as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s PGR Mayfair Program (the “Program”), as described in Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses.

     (b) CMF acknowledges receipt of the description of the Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor.

     (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program as described in Appendix A attached hereto, provided that CMF and the Partnership agree that the Advisor will manage the assets of the Partnership utilizing up to 1.5 times the leverage normally applied to the Program, unless otherwise agreed to by the parties hereto in writing. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would cause the description of the trading strategy or methods described in Appendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions.

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     (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), partners, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential.

     (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder.

     (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations.

     (g) The Advisor will not be liable for trading losses in the Partnership’s account including losses caused by errors; provided, however, that the Advisor will be liable to the Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the Partnership.

     2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The Advisor shall not be responsible to the Partnership, the General Partner, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership.

     3. COMPENSATION, (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee

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for professional management services equal to 1% per year of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets allocated to the Advisor as of the last business day of each month by 1% and multiplying the result thereof by the ratio which the total number of calendar days in that month bears to the total number of calendar days in the year).

     (b) “Net Assets” shall have the meaning set forth in Paragraph 7(d)(1) of the Partnership Agreement and without regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions or incentive fees payable as of the date of such determination.

     (c) “New Trading Profits” shall mean the excess, if any, of Net Assets managed by the Advisor at the end of the fiscal period over Net Assets managed by the Advisor at the end of the highest previous fiscal period or Net Assets allocated to the Advisor at the date trading by the Advisor on behalf of the Partnership commences, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses will be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets. Ongoing expenses will not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. No incentive fee shall be paid until the end of the first calendar quarter of trading following the date of this Agreement, which fee shall be based on New Trading Profits earned from the commencement of trading operations by the Advisor on behalf of the Partnership. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another incentive fee.

     (d) Quarterly incentive fees and monthly management fees shall be paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or month, as the case may be, the quarterly incentive fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly management fee shall be prorated to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly management fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month.

     (e) The provisions of this Section 3 shall survive the termination of this Agreement.

     4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf

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of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and partners, may render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees and partners shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement.

     (b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results.

     (c) It is acknowledged that the Advisor and/or its officers, employees, directors and partners presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership.

     (d) The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as compared to the composite performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as trading manager.

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     5. TERM. (a) This Agreement shall continue in effect until June 30, 2012. CMF may, in its sole discretion, renew this Agreement for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. At any time during the term of this Agreement, CMF may terminate this Agreement at any month-end upon 30 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement upon 30 days’ notice to the Advisor if (i) the net asset value per unit of the Partnership shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 20% or more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; or (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement if (i) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ii) Nigel Gent dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor; or (iii) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership with the NFA or any other regulatory authority, is terminated or suspended. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution.

     (b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after June 30, 2012; or (iii) in the event that the General Partner or Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity trading advisor, commodity pool operator or its membership in the NFA is terminated or suspended.

     (c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof.

     6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, cost, expense (including, without limitation, attorneys’ and accountants’ fees), judgments and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided

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that its conduct did not constitute negligence, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership.

     (ii) To the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify it against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith.

     (iii) Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection.

     (iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, cost or expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith.

     (v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors, partners and employees and the term “CMF” shall include the Partnership.

     (b)(i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, cost or expense (including, without limitation, attorneys’ and accountants’ fees), judgments and amounts paid in settlement actually and reasonably incurred by them (A) as a result of the material breach of any material representations and warranties made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if there has been a final judicial or regulatory determination or, in the event of a settlement of any action or proceeding with the prior written consent of the Advisor, a written opinion of an arbitrator pursuant to Section 14 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any

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material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)).

     (ii) In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, partners or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, cost or expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith.

     (c) In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made.

     (d) None of the indemnifications contained in this Section 6 shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld, of the party obligated to indemnify such party.

     (e) The provisions of this Section 6 shall survive the termination of this Agreement.

     7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

     (a) The Advisor represents and warrants that:

     (i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF, including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make such statements and information not misleading. All references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the offering of the Partnership’s units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or proforma adjustments, it being understood that CMF does not currently intend to include any identifying information about the Advisor in the Memorandum.

     (ii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser and is duly registered with the CFTC as a commodity trading advisor, is a member of the NFA, and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its

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obligations hereunder, and agrees to maintain and renew such registrations and licenses during the term of this Agreement.

     (iii) The Advisor is a limited liability partnership duly organized, validly existing and in good standing under the laws of the United Kingdom and has full limited liability partnership power and authority to enter into this Agreement and to provide the services required of it hereunder.

     (iv) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound.

     (v) This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding agreement enforceable in accordance with its terms.

     (vi) At any time during the term of this Agreement that an offering memorandum or a prospectus relating to the Partnership’s units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to provide the Partnership with such information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate.

     (b) CMF represents and warrants for itself and the Partnership that:

     (i) The Memorandum (as from time to time amended or supplemented, which amendment or supplement shall be approved by the Advisor as to descriptions, if any, of itself and its actual performance) does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to make the statements therein not misleading, except that the foregoing representation does not apply to any statement or omission concerning the Advisor, if any, in the Memorandum, made in reliance upon, and in conformity with, information furnished to CMF by or on behalf of the Advisor expressly for use in the Memorandum (it being understood that any hypothetical and pro forma adjustments will not be furnished by the Advisor).

     (ii) CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement.

     (iii) CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership.

     (iv) This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms.

     (v) CMF will not, by acting as General Partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement.

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     (vi) CMF is registered as a commodity trading advisor and a commodity pool operator and is a member of the NFA, and it will maintain and renew such registrations and membership during the term of this Agreement.

     (vii) The Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement.

     (viii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7.

     8. COVENANTS OF THE ADVISOR. CMF AND THE PARTNERSHIP.

     (a) The Advisor agrees as follows:

     (i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC and/or the commodity exchange on which any particular transaction is executed.

     (ii) The Advisor will promptly notify CMF of the commencement of any material suit, action or proceeding involving it, whether or not any such suit, action or proceeding also involves CMF.

     (iii) In the placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, CMF and the Partnership’s brokers of (i) any error committed by the Advisor or its principals or employees; (ii) any trade which the Advisor believes was not executed in accordance with its instructions; and (iii) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. (iv) The Advisor will maintain a net worth of not less than €50,000 during the term of this Agreement.

     (b) CMF agrees for itself and the Partnership that:

     (i) CMF and the Partnership will comply with all applicable rules and regulations of the CFTC and/or the commodity exchange on which any particular transaction is executed.

     (ii) CMF will promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor.

     (iii) CMF will be responsible for compliance with the USA PATRIOT Act and related anti-money laundering regulations with respect to the Partnership and its limited partners.

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     9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof.

     10. ASSIGNMENT. This Agreement may not be assigned by any party without the express written consent of the other parties.

     11. AMENDMENT. This Agreement may not be amended except by the written consent of the parties.

     12. NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given:

If to CMF or to the Partnership:

Ceres Managed Futures LLC
522 Fifth Avenue,14^th Floor
NewYork, New York 10036
Attention: Walter Davis
email: walter.davis@morganstanleysmithbarney.com

If to the Advisor:

PGR Capital LLP
Gilmoora House
57-61 Mortimer Street
London, W1W 8HS
United Kingdom
Attention: Casey Grylls
email: cgrylls@pgrcapital.com

with a copy to:

Boodle Hatfield
89 New Bond Street
London, W1S 1DA
United Kingdom
Attention: Nigel Stone
email: nstone@boodlehatfield.com

     13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

     14. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of the National Futures Association or, if the National

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Futures Association shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction.

     15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement.

     16. COUNTERPARTS. This Agreement may be executed in any number of counterparts, including via facsimile, each of which is an original and all of which when taken together evidence the same agreement.

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     PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

     IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

CERES MANAGED FUTURES LLC
By	/S/ Walter Davis Walter Davis President and Director
EMERGING CTA PORTFOLIO L.P.
By:	Ceres Managed Futures LLC its General Partner
By	/S/ Walter Davis Walter Davis President and Director
PGR CAPITAL LLP
By	/s/ Casey Grylls
	Casey Grylls
	Partner

     PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

     IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

CERES MANAGED FUTURES LLC
By	/s/ Walter Davis
	Walter Davis President and Director
EMERGING CTA PORTFOLIO L.P.
By:	Ceres Managed Futures LLC its General Partner
By	Walter Davis
	Walter Davis President and Director
PGR CAPITAL LLP
By	/s/ Casey Grylls Casey Grylls
	Partner

Appendix A

PGR Mayfair Program

INVESTMENT OBJECTIVE

PGR Capital’s futures investment programme seeks to profit over the medium term by exploiting inefficiencies in futures and forward markets across a broad range of asset classes and geographic regions. Proprietary models developed by the founding partners are implemented in an in-house trading system which systematically processes real-time data and executes trades automatically on electronic future exchanges and foreign exchange trading platforms.

The following paragraphs discuss the main areas of PGR’s investment programme in turn: strategy, diversification, risk management, technology and execution, and research.

STRATEGIES

PGR’s investment strategies have a strong mathematical and statistical basis and exploit established signal processing and econometric techniques. Underlying our strategies are models of how the markets move; it is an important principle that focuses on real markets rather than data mining. Models may be price based or use fundamental data to find inefficiencies to exploit. Research is an on-going part of our programme (see later section) and strategies may be extended to exploit new inefficiencies over time, utilising market price and volume data or fundamental data.

Strategies are primarily directional in nature; they identify and take advantage of both upward and downward price momentum. The source of these trends may be sound economic considerations, asymmetric information or behavioural patterns of market participants. Whatever the cause, persistent trends can be shown to occur in all markets across all sectors with varying strengths and durations. PGR’s strategies have been designed to identify the direction and strength of any trend over multiple timeframes and have the ability to adapt to the prevailing market conditions.

PORTFOLIO

Broad diversification is a key feature of the programme and is achieved through trading a wide ranging portfolio of markets. The programme trades in liquid futures and forward markets in the equity index, bond, currency, short-term interest rate and commodity sectors.

RISK MANAGEMENT

Rigorous risk management is central to all PGR’s systems and operations. Risk control is integral to the trading strategies themselves; the strategies scale positions according to individual market risk and react dynamically to changing market conditions to control the risk of the portfolio as a whole. The automation of trade execution and reconciliation avoids the possibility of human errors while further processes continuously monitor and assess risk throughout all stages of the investment process.

Financial markets are always subject to unexpected events which by their nature cannot be predicted. These include the effects of wars, terrorist attacks, natural disasters, fraud etc. Any investment programme is vulnerable to these events which cannot be avoided. However, when they do occur it is important to be able to rapidly assess the situation and react accordingly. By adjusting our positions and gearing according to the prevailing levels of market and portfolio risk we can rapidly control the risk of our portfolio as a whole.

A-1

PGR has developed novel processes to monitor and assess market risk using a number of standard and non-standard measures including correlations, value at risk, sector exposure, entropy, stress tests etc. These measures enable us to better understand and react to market risks.

TECHNOLOGY AND EXECUTION

Technology is the backbone of our business. PGR’s sophisticated, robust and already-proven computerised systems enable the entire trading process to be automated, from real-time signal generation, through electronic trade execution to STP trade reconciliation. This results in reliable and efficient execution and operations 24 hours a day 5 days a week.

The system monitors live market data from real-time feeds and continuously updates the desired position for each market. Orders are generated and sent electronically when there is sufficient liquidity and the spread is narrow. As the fills are received back from the broker, they are passed through to the back office system for reconciliation with the brokers and NAV calculation for the clients. This results in fully audited Straight Through Processing.

The system is capable of executing trades electronically through multiple brokers, 24 hours a day without the need for dedicated trading staff.

PGR’s trading system is implemented in Java using professional software engineering practices. Using real-time programming methods, the system remains accurate and responsive in even the busiest market conditions. The system executes trades fully electronically using the industry standard FIX protocol and books its fills into the back office system without the need for human interaction.

RESEARCH AND SIMULATION

Continual development of strategies is essential to maintain competitiveness. The three partners each have strong backgrounds in research and over the last two years we have developed a new rigorous yet flexible simulation environment. This enables us to develop and compare different strategies and assess all aspects of their performance before any live testing takes place.

The simulation environment has been built using Matlab, a high-level technical computing language and interactive environment for algorithm development, data analysis and data visualisation. This gives a flexible environment that can be used to rapidly try new ideas, analyse their performance and visualise the results.

The performance of the strategies has been assessed using more than 15 years of historic market prices. Trading strategies are prototyped in a combination of pure Matlab and Java. The use of Java enables the live trading system to use much of the same code developed and tested in the simulation environment, ensuring that the live strategies have been correctly implemented and rigorously tested.

During the last year we have developed new adaptive techniques to improve the risk return profile of the programme. We have a number of other very promising techniques which we are developing further to ensure our performance continues to be competitive with the other leading CTAs.

A-2

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Walter Davis, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Emerging CTA Portfolio L.P. (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011	/s/ Walter Davis
	Walter Davis
	Ceres Managed Futures LLC President and Director

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Jennifer Magro, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Emerging CTA Portfolio L.P. (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011	/s/ Jennifer Magro
	Jennifer Magro
	Ceres Managed Futures LLC Chief Financial Officer and Director

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Quarterly Report of Emerging CTA Portfolio L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Walter Davis, President and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Walter Davis Walter Davis

Ceres Managed Futures LLC

President and Director

August 15, 2011

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Quarterly Report of Emerging CTA Portfolio L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jennifer Magro, Chief Financial Officer and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Jennifer Magro Jennifer Magro

Ceres Managed Futures LLC

Chief Financial Officer and Director

August 15, 2011

XML



Statements of Financial Condition (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Equity in trading account:
Options purchased, at fair value, cost	$ 0	$ 854,880
Partners' Capital:
General Partner outstanding equivalent unit	1,438.9316	1,302.6036
Limited Partner outstanding redeemable unit	136,284.9037	122,734.7189

XML



Condensed Schedule of Investments (USD $)	Jun. 30, 2011	Dec. 31, 2010
Futures Contracts Purchased
Total futures contracts purchased	$ (15,101)	$ 1,957,508
Futures Contracts Sold
Total futures contracts sold	933,839	(441,289)
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Total unrealized appreciation on open forward contracts	2,490,458	2,415,394
Total unrealized depreciation on open forward contracts	(3,247,606)	(2,396,129)
Options Purchased
Total options purchased	0	901,226
Investment in Funds
Total investment in Funds	145,903,172	93,009,857
Net fair value	146,064,762	95,446,567
Currencies
Futures Contracts Purchased
Number of Futures Contracts Purchased	291	200
Total futures contracts purchased	135,014	313,957
Futures Contracts Sold
Number of Futures Contracts Sold	83	114
Total futures contracts sold	(44,630)	(56,972)
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Notional amount of unrealized appreciation on open forward contracts	122,398,509	76,652,847
Total unrealized appreciation on open forward contracts	1,361,070	1,610,313
Notional amount of unrealized depreciation on open forward contracts	120,805,494	69,670,836
Total unrealized depreciation on open forward contracts	(1,596,176)	(1,639,341)
Energy
Futures Contracts Purchased
Number of Futures Contracts Purchased	282	62
Total futures contracts purchased	(625,743)	233,896
Futures Contracts Sold
Number of Futures Contracts Sold	282	159
Total futures contracts sold	708,439	(55,211)
Energy | Calls
Options Purchased
Number of options purchased		106
Total options purchased		295,740
Grains
Futures Contracts Purchased
Number of Futures Contracts Purchased	55	250
Total futures contracts purchased	(94,143)	538,738
Futures Contracts Sold
Number of Futures Contracts Sold	69	75
Total futures contracts sold	121,916	(191,587)
Indices
Futures Contracts Purchased
Number of Futures Contracts Purchased	218	163
Total futures contracts purchased	374,203	16,869
Futures Contracts Sold
Number of Futures Contracts Sold	104	97
Total futures contracts sold	(109,398)	156,446
Interest Rates U.S.
Futures Contracts Purchased
Number of Futures Contracts Purchased	1,277	592
Total futures contracts purchased	6,949	135,855
Futures Contracts Sold
Number of Futures Contracts Sold	135	6
Total futures contracts sold	165,540	25
Interest Rates Non-U.S.
Futures Contracts Purchased
Number of Futures Contracts Purchased	897	640
Total futures contracts purchased	(22,828)	125,143
Futures Contracts Sold
Number of Futures Contracts Sold	446	22
Total futures contracts sold	56,449	7,402
Livestock
Futures Contracts Purchased
Number of Futures Contracts Purchased	110	214
Total futures contracts purchased	102,781	259,202
Futures Contracts Sold
Number of Futures Contracts Sold	26	170
Total futures contracts sold	(10,923)	(207,591)
Metals
Futures Contracts Purchased
Number of Futures Contracts Purchased	30	75
Total futures contracts purchased	70,174	315,525
Futures Contracts Sold
Number of Futures Contracts Sold	25
Total futures contracts sold	51,692
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Number of unrealized appreciation on open forward contracts	368	92
Total unrealized appreciation on open forward contracts	1,129,388	805,081
Number of unrealized depreciation on open forward contracts	419	88
Total unrealized depreciation on open forward contracts	(1,651,430)	(756,788)
Metals | Calls
Options Purchased
Number of options purchased		109
Total options purchased		574,070
Softs
Futures Contracts Purchased
Number of Futures Contracts Purchased	76	66
Total futures contracts purchased	38,492	18,323
Futures Contracts Sold
Number of Futures Contracts Sold	9	115
Total futures contracts sold	(5,246)	(93,801)
Softs | Calls
Options Purchased
Number of options purchased		11
Total options purchased		31,416
CMF Altis Partners Master Fund L.P.
Investment in Funds
Total investment in Funds	4,852,102	17,568,791
CMF Sasco Master Fund L.P.
Investment in Funds
Total investment in Funds		18,664,413
Waypoint Master Fund L.P.
Investment in Funds
Total investment in Funds	18,896,166	21,445,619
Blackwater Master Fund L.P.
Investment in Funds
Total investment in Funds	28,243,764	20,047,327
PGR Master Fund L.P.
Investment in Funds
Total investment in Funds	24,431,748	15,273,707
JEM Master Fund L.P.
Investment in Funds
Total investment in Funds	23,832,944
CMF Cirrus Master Fund L.P.
Investment in Funds
Total investment in Funds	23,785,703
Flintlock Master Fund L.P.
Investment in Funds
Total investment in Funds	$ 21,860,745

XML



Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2011	Feb. 28, 2011
Document And Entity Information [Abstract]
Entity Registrant Name	EMERGING CTA PORTFOLIO LP
Entity Central Index Key	0001269190
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float		$ 187,872,610

XML



Investment in Funds

6 Months Ended

Jun. 30, 2011

Investment In Funds [Abstract]

Investment in Funds

5. Investment in Funds:

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

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

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

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

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

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

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

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

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

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

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

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

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

     At June 30, 2011, the Partnership owned approximately 4.7% of Altis Master, 49.8% of Waypoint Master, 77.7% of PGR Master, 81.3% of Blackwater Master, 65.7% of JEM Master, 89.2% of Cirrus Master and 85.0% of Flintlock Master. At December 31, 2010, the Partnership owned approximately 27.6%, of Altis Master, 22.8% of Sasco Master, 52.0% of Waypoint Master, 74.9% of PGR Master and 77.3% of Blackwater Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same and the redemption rights are not affected.

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

	June 30, 2011
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	104,815,171	$	945,798	$	103,869,373
Waypoint Master		38,256,105		292,377		37,963,728
Blackwater Master		35,191,918		447,132		34,744,786
PGR Master		31,466,858		41,093		31,425,765
JEM Master		36,304,867		29,133		36,275,734
Cirrus Master		26,670,574		17,302		26,653,272
Flintlock Master		26,378,745		647,258		25,731,487
Total	$	299,084,238	$	2,420,093	$	296,664,145

	December 31, 2010
	Total Assets		Total Liabilities		Total Capital
Altis Master	$	64,276,767	$	591,256	$	63,685,511
Sasco Master		81,882,294		198,664		81,683,630
Waypoint Master		41,306,976		59,330		41,247,646
Blackwater Master		25,966,821		28,810		25,938,011
PGR Master		20,415,391		28,810		20,386,581
Total	$	233,848,249	$	906,870	$	232,941,379

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

	For the three months ended June 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(86,627	)	$	(11,353,961	)	$	(11,440,588	)
Sasco Master		(337,870	)		3,450,469			3,112,599
Waypoint Master		(49,050	)		846,382			797,332
Blackwater Master		(20,229	)		(503,805	)		(524,034	)
PGR Master		(26,281	)		(107,699	)		(133,980	)
JEM Master		(200,955	)		1,503,277			1,302,322
Cirrus Master		(22,683	)		667,044			644,361
Flintlock Master		(45,798	)		(1,835,364	)		(1,881,162	)
Total	$	(789,493	)	$	(7,333,657	)	$	(8,123,150	)

	For the six months ended June 30, 2011
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(139,884	)	$	(19,456,564	)	$	(19,596,448	)
Sasco Master		(707,823	)		1,199,725			491,902
Waypoint Master		(113,465	)		(760,597	)		(874,062	)
Blackwater Master		(47,734	)		516,903			469,169
PGR Master		(53,692	)		483,766			430,074
JEM Master		(306,111	)		1,316,107			1,009,996
Cirrus Master		(42,492	)		1,328,826			1,286,334
Flintlock Master		(45,798	)		(1,835,364	)		(1,881,162	)
Total	$	(1,456,999	)	$	(17,207,198	)	$	(18,664,197	)

	For the three months ended June 30, 2010
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(80,238	)	$	(6,238,080	)	$	(6,318,318	)
Avant Master		(21,635	)		444,954			423,319
Sasco Master		(327,998	)		(772,096	)		(1,100,094	)
Waypoint Master		(47,691	)		5,344,480			5,296,789
Total	$	(477,562	)	$	(1,220,742	)	$	(1,698,304	)

	For the six months ended June 30, 2010
	Net Investment			Total Trading			Net Income
	Income (Loss)			Results			(Loss)
Altis Master	$	(119,263	)	$	(4,102,014	)	$	(4,221,277	)
Avant Master		(45,162	)		1,063,684			1,018,522
Sasco Master		(568,579	)		2,140,632			1,572,053
Waypoint Master		(59,189	)		5,917,533			5,858,344
Total	$	(792,193	)	$	5,019,835		$	4,227,642

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

	June 30, 2011					For the three months ended June 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.45	%	$	4,852,102	$	(582,053	)	$	6,111	$	1,966	$	(590,130	)	Commodity Portfolio	Monthly
Sasco Master		—			—		751,955			44,717		10,124		697,114		Energy Markets	Monthly
Waypoint Master		9.53	%		18,896,166		446,287			18,059		7,829		420,399		Commodity Portfolio	Monthly
Blackwater Master		14.24	%		28,243,764		(387,412	)		14,676		3,234		(405,322	)	Commodity Portfolio	Monthly
PGR Master		12.32	%		24,431,748		(101,708	)		7,166		14,258		(123,132	)	Commodity Portfolio	Monthly
JEM Master		12.01	%		23,832,944		1,205,602			134,806		15,470		1,055,326		Commodity Portfolio	Monthly
Cirrus Master		11.99	%		23,785,703		599,088			13,157		8,097		577,834		Energy Markets	Monthly
Flintlock Master		11.02	%		21,860,745		(1,558,680	)		31,750		7,774		(1,598,204	)	Commodity Portfolio	Monthly
Total				$	145,903,172	$	373,079		$	270,442	$	68,752	$	33,885

	June 30, 2011					For the six months ended June 30, 2011
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		2.45	%	$	4,852,102	$	(2,460,584	)	$	17,679	$	5,993	$	(2,484,256	)	Commodity Portfolio	Monthly
Sasco Master		—			—		443,762			104,912		18,860		319,990		Energy Markets	Monthly
Waypoint Master		9.53	%		18,896,166		(360,913	)		43,966		18,889		(423,768	)	Commodity Portfolio	Monthly
Blackwater Master		14.24	%		28,243,764		396,604			27,797		16,516		352,291		Commodity Portfolio	Monthly
PGR Master		12.32	%		24,431,748		349,443			13,008		32,020		304,415		Commodity Portfolio	Monthly
JEM Master		12.01	%		23,832,944		1,023,375			235,905		24,470		763,000		Commodity Portfolio	Monthly
Cirrus Master		11.99	%		23,785,703		1,165,352			27,754		15,723		1,121,875		Energy Markets	Monthly
Flintlock Master		11.02	%		21,860,745		(1,558,680	)		31,750		7,774		(1,598,204	)	Commodity Portfolio	Monthly
Total				$	145,903,172	$	(1,001,641	)	$	502,771	$	140,245	$	(1,644,657	)

	December 31, 2010					For the three months ended June 30, 2010
	% of								Expenses
Funds	Partnership’s Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		Net Income (Loss)			Investment Objective	Redemptions Permitted
Altis Master		9.57	%	$	17,568,791	$	(2,033,754	)	$	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		10.17	%		18,664,413		(492,523	)		102,363		118,069		(712,955	)	Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		3,798,468			29,111		12,906		3,756,451		Commodity Portfolio	Monthly
Blackwater Master		10.92	%		20,047,327		—			—		—		—		Commodity Portfolio	Monthly
PGR Master		8.32	%		15,273,707		—			—		—		—		Commodity Portfolio	Monthly
Total				$	93,009,857	$	1,718,557		$	159,038	$	159,650	$	1,399,869

	December 31, 2010					For the six months ended June 30, 2010
	% of Partnership’s								Expenses				Net Income			Investment	Redemptions
Funds	Net Assets			Fair Value		Income (Loss)			Brokerage Fees		Other		(Loss)			Objective	Permitted
Altis Master		9.57	%	$	17,568,791	$	(1,301,292	)	$	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		10.17	%		18,664,413		1,401,735			179,520		200,792		1,021,423		Energy Markets	Monthly
Waypoint Master		11.69	%		21,455,619		4,206,981			35,208		17,299		4,154,474		Commodity Portfolio	Monthly
Blackwater Master		10.92	%		20,047,327		—			—		—		—		Commodity Portfolio	Monthly
PGR Master		8.32	%		15,273,707		—			—		—		—		Commodity Portfolio	Monthly
Total				$	93,009,857	$	5,374,316		$	260,517	$	270,921	$	4,842,878

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General

6 Months Ended

Jun. 30, 2011

General [Abstract]

General

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 engage, directly and indirectly, in speculative trading of a diversified portfolio of commodity interests, including futures, forwards and options. The Partnership may also enter into swap and other derivative transactions with the approval of the General Partner (defined below). The sectors traded include currencies, livestock, energy, grains, metals, indices, softs and U.S. and non-U.S. interest rates. The Partnership and the Funds, (as defined in Note 5 “Investment in Funds”) may trade futures, forward and option contracts of any kind. The commodity interests that are traded by the Partnership and the Funds are volatile and involve a high degree of market risk.

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

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

     As of June 30, 2011, all trading decisions are made for the Partnership by its twelve 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, 2011 and December 31, 2010, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010.

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

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

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

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Critical Accounting Policies

6 Months Ended

Jun. 30, 2011

Critical Accounting Policies [Abstract]

Critical Accounting Policies

7. Critical Accounting Policies

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

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

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

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

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

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

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

     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. Net realized gains (losses) and changes in net 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 Partners’ Capital.

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

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

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

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

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

     The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2007 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability.

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

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

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

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Financial Instrument Risks

6 Months Ended

Jun. 30, 2011

Financial Instrument Risks [Abstract]

Financial Instrument Risks

6. Financial Instrument Risks:

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

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

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

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

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

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

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Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2011		Jun. 30, 2010		Jun. 30, 2011		Jun. 30, 2010
Investment Income:
Interest income	$ 2,408		$ 27,245		$ 16,692		$ 40,647
Interest income from investment in Funds	6,997		25,416		39,195		37,483
Total investment income	9,405		52,661		55,887		78,130
Expenses:
Brokerage fees including clearing fees	2,196,819		1,787,929		4,239,712		3,481,259
Management fees	873,834		847,318		1,727,250		1,684,651
Administrative fees	260,370		212,352		500,705		421,685
Incentive fees	156,846		(67,482)		276,307		48,096
Other	143,667		227,929		281,188		393,139
Total expenses	3,631,536		3,008,046		7,025,162		6,028,830
Net investment income (loss)	(3,622,131)		(2,955,385)		(6,969,275)		(5,950,700)
Net gains (losses) on trading of commodity interests and investment in Funds:
Net realized gains (losses) on closed contracts	4,827,835		(1,711,594)		4,212,221		(4,323,036)
Net realized gains (losses) investment in Funds	(126,360)		9,292,621		1,779,404		8,346,208
Change in net unrealized gains (losses) on open contracts	(1,483,705)		(1,700,768)		(1,420,240)		626,819
Change in net unrealized gains (losses) on investment in Funds	492,442		(7,599,480)		(2,820,240)		(3,009,375)
Total trading results	3,710,212		(1,719,221)		1,751,145		1,640,616
Net income (loss)	88,081		(4,674,606)		(5,218,130)		(4,310,084)
Redemptions - Limited Partners	(9,269,306)		(5,642,424)		(14,717,735)		(15,761,351)
Net increase (decrease) in Partners' Capital	4,976,148		(3,497,030)		14,827,619		(633,435)
Partners' Capital, beginning of period	193,377,072		169,569,267		183,525,601		166,705,672
Partners' Capital, end of period	198,353,220		166,072,237		198,353,220		166,072,237
Net asset value per unit (137,723.8353 and 121,121.2027 units outstanding at June 30, 2011 and 2010, respectively)	$ 1,440.22		$ 1,371.12		$ 1,440.22		$ 1,371.12
Net income (loss) per unit	$ 0.99	[1]	$ (38.29)	[1]	$ (39.38)	[1]	$ (35.26)	[1]
Weighted average units outstanding	141,017.6956		121,854.2150		136,690.7542		121,705.0634
Limited Partner
Net gains (losses) on trading of commodity interests and investment in Funds:
Subscriptions - Limited Partners	13,957,373		6,820,000		34,563,484		19,438,000
General Partner
Net gains (losses) on trading of commodity interests and investment in Funds:
Subscriptions - Limited Partners	$ 200,000				$ 200,000

[1] Based on change in net asset value per unit.

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Financial Highlights

6 Months Ended

Jun. 30, 2011

Financial Highlights [Abstract]

Financial Highlights

2. Financial Highlights:

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net realized and unrealized gains (losses) *	$	11.12		$	(28.72	)	$	(19.34	)	$	(14.98	)
Interest income		0.07			0.43			0.42			0.64
Expenses **		(10.20	)		(10.00	)		(20.46	)		(20.92	)
Increase (decrease) for the period		0.99			(38.29	)		(39.38	)		(35.26	)
Net asset value per unit, beginning of period		1,439.23			1,409.41			1,479.60			1,406.38
Net asset value per unit, end of period	$	1,440.22		$	1,371.12		$	1,440.22		$	1,371.12

*	Includes brokerage fees and clearing fees.
**	Excludes brokerage fees and clearing fees.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Ratios to Average Net Assets:***
Net investment income (loss) before incentive fees****		(6.9	)%		(7.2	)%		(6.9	)%		(7.2	)%
Operating expenses		6.9	%		7.3	%		7.0	%		7.3	%
Incentive fees		0.1	%		—	%		0.1	%		—	%
Total expenses		7.0	%		7.3	%		7.1	%		7.3	%
Total return:
Total return before incentive fees		0.1	%		(2.8	)%		(2.5	)%		(2.5	)%
Incentive fees		—	%*****		0.1	%		(0.1	)%		—	%
Total return after incentive fees		0.1	%		(2.7	)%		(2.6	)%		(2.5	)%

***	Annualized (other than incentive fees).
****	Interest income less total expenses.
*****	Due to rounding.

     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.

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Trading Activities

6 Months Ended

Jun. 30, 2011

Trading Activities [Abstract]

Trading Activities

3. Trading Activities:

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

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

     All of the commodity interests owned by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 3,716 and 5,127, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 4,096 and 5,605, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 1,002 and 344, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 778 and 428, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were 0 and 10, respectively. The monthly average number of option contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were 122 and 5, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended June 30, 2011 and 2010 were $418,864,114 and $273,331,911, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the six months ended June 30, 2011 and 2010 were $368,242,547 and $324,430,107, respectively.

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

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

	June 30, 2011
Assets
Futures Contracts
Currencies	$	142,702
Energy		1,051,792
Grains		122,765
Indices		375,140
Interest Rates Non-U.S.		224,830
Interest Rates U.S.		318,060
Livestock		121,550
Metals		129,940
Softs		55,721
Total unrealized appreciation on open futures contracts	$	2,542,500
Liabilities
Futures Contracts
Currencies	$	(52,318	)
Energy		(969,096	)
Grains		(94,992	)
Indices		(110,335	)
Interest Rates Non-U.S.		(191,209	)
Interest Rates U.S.		(145,571	)
Livestock		(29,692	)
Metals		(8,074	)
Softs		(22,475	)
Total unrealized depreciation on open futures contracts	$	(1,623,762	)
Net unrealized appreciation on open futures contracts	$	918,738	*

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

	June 30, 2011
Assets
Forward Contracts
Currencies	$	1,361,070
Metals		1,129,388
Total unrealized appreciation on open forward contracts	$	2,490,458
Liabilities
Forward Contracts
Currencies	$	(1,596,176	)
Metals		(1,651,430	)
Total unrealized depreciation on open forward contracts	$	(3,247,606	)
Net unrealized depreciation on open forward contracts	$	(757,148	)**

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

	December 31, 2010
Assets
Futures Contracts
Currencies	$	423,873
Energy		282,296
Grains		552,787
Indices		223,941
Interest Rates Non-U.S		151,118
Interest Rates U.S.		169,390
Livestock		259,202
Metals		315,525
Softs		43,918
Total unrealized appreciation on open futures contracts	$	2,422,050
Liabilities
Futures Contracts
Currencies	$	(166,888	)
Energy		(103,611	)
Grains		(205,637	)
Indices		(50,626	)
Interest Rates Non-U.S		(18,572	)
Interest Rates U.S.		(33,510	)
Livestock		(207,591	)
Softs		(119,396	)
Total unrealized depreciation on open futures contracts		(905,831	)
Net unrealized appreciation on open futures contracts	$	1,516,219	*

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

	December 31, 2010
Assets
Forward Contracts
Currencies	$	1,610,313
Metals		805,081
Total unrealized appreciation on open forward contracts	$	2,415,394
Liabilities
Forward Contracts
Currencies	$	(1,639,341	)
Metals		(756,788	)
Total unrealized depreciation on open forward contracts		(2,396,129	)
Net unrealized appreciation on open forward contracts	$	19,265	**

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

	December 31, 2010
Assets
Options Purchased
Energy	$	295,740
Metals		574,070
Softs		31,416
Total options purchased	$	901,226	***

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

     The following tables indicate 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, 2011 and 2010.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Sector	2011			2010			2011			2010
Currencies	$	(281,152	)	$	(1,821,042	)	$	(781,560	)	$	(3,111,822	)
Energy		(130,187	)		293,835			246,142			(484,557	)
Grains		(74,811	)		(482,131	)		416,310			11,465
Indices		(146,605	)		(3,016,853	)		(1,191,476	)		(3,086,993	)
Interest Rates U.S.		1,351,570			1,813,341			1,304,155			1,229,709
Interest Rates Non-U.S.		68,787			954,894			(389,499	)		2,002,782
Livestock		166,289			8,864			(139,557	)		(173,229	)
Metals		2,655,319			(745,108	)		3,042,421			(286,376	)
Softs		(265,080	)		(418,162	)		285,045			202,804
Total	$	3,344,130	****	$	(3,412,362	)****	$	2,791,981	****	$	(3,696,217	)****

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

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Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

4. Fair Value Measurements:

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

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

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

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

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

			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	June 30, 2011		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Funds	$	145,903,172	$	—	$	145,903,172	$	—
Futures		2,542,500		2,542,500		—		—
Forwards		2,490,458		1,129,388		1,361,070		—
Total assets		150,936,130		3,671,888		147,264,242		—
Liabilities
Futures	$	1,623,762	$	1,623,762	$	—	$	—
Forwards		3,247,606		1,651,430		1,596,176		—
Total liabilities		4,871,368		3,275,192		1,596,176		—
Net fair value	$	146,064,762	$	396,696	$	145,668,066	$	—
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable Inputs
	December 31, 2010*		Assets (Level 1)		(Level 2)		(Level 3)
Assets
Investment in Funds	$	93,009,857	$	—	$	93,009,857	$	—
Futures		2,422,050		2,422,050		—		—
Forwards		2,415,394		805,081		1,610,313		—
Options purchased		901,226		901,226		—		—
Total assets		98,748,527		4,128,357		94,620,170		—
Liabilities
Futures	$	905,831	$	905,831	$	—	$	—
Forwards		2,396,129		756,788		1,639,341		—
Total liabilities		3,301,960		1,662,619		1,639,341		—
Net fair value	$	95,446,567	$	2,465,738	$	92,980,829	$	—

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

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Schedule of Investments Percentage of Partners Capital	Jun. 30, 2011	Dec. 31, 2010
Futures Contracts Purchased
Futures contracts purchased	(0.01%)	1.06%
Futures Contracts Sold
Futures contracts sold	0.47%	(0.23%)
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Unrealized appreciation on open forward contracts	1.26%	1.32%
Unrealized depreciation on open forward contracts	(1.64%)	(1.30%)
Options Purchased
Options purchased		0.49%
Investment in Funds
Investment in Funds	73.56%	50.67%
Net fair value	73.64%	52.01%
Currencies
Futures Contracts Purchased
Futures contracts purchased	0.07%	0.17%
Futures Contracts Sold
Futures contracts sold	(0.02%)	(0.03%)
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Unrealized appreciation on open forward contracts	0.69%	0.88%
Unrealized depreciation on open forward contracts	(0.81%)	(0.89%)
Energy
Futures Contracts Purchased
Futures contracts purchased	(0.32%)	0.13%
Futures Contracts Sold
Futures contracts sold	0.36%	(0.03%)
Energy | Calls
Options Purchased
Options purchased		0.16%
Grains
Futures Contracts Purchased
Futures contracts purchased	(0.05%)	0.29%
Futures Contracts Sold
Futures contracts sold	0.06%	(0.10%)
Indices
Futures Contracts Purchased
Futures contracts purchased	0.19%	0.01%
Futures Contracts Sold
Futures contracts sold	(0.06%)	0.09%
Interest Rates U.S.
Futures Contracts Purchased
Futures contracts purchased	0.00%	0.07%
Futures Contracts Sold
Futures contracts sold	0.08%	0.00%
Interest Rates Non-U.S.
Futures Contracts Purchased
Futures contracts purchased	(0.01%)	0.07%
Futures Contracts Sold
Futures contracts sold	0.03%	0.00%
Livestock
Futures Contracts Purchased
Futures contracts purchased	0.05%	0.14%
Futures Contracts Sold
Futures contracts sold	(0.01%)	(0.11%)
Metals
Futures Contracts Purchased
Futures contracts purchased	0.04%	0.17%
Futures Contracts Sold
Futures contracts sold	0.03%
Unrealized Appreciation (Depreciation) on Open Forward Contracts
Unrealized appreciation on open forward contracts	0.57%	0.44%
Unrealized depreciation on open forward contracts	(0.83%)	(0.41%)
Metals | Calls
Options Purchased
Options purchased		0.31%
Softs
Futures Contracts Purchased
Futures contracts purchased	0.02%	0.01%
Futures Contracts Sold
Futures contracts sold	0.00%	(0.05%)
Softs | Calls
Options Purchased
Options purchased		0.02%
CMF Altis Partners Master Fund L.P.
Investment in Funds
Investment in Funds	2.45%	9.57%
CMF Sasco Master Fund L.P.
Investment in Funds
Investment in Funds		10.17%
Waypoint Master Fund L.P.
Investment in Funds
Investment in Funds	9.53%	11.69%
Blackwater Master Fund L.P.
Investment in Funds
Investment in Funds	14.24%	10.92%
PGR Master Fund L.P.
Investment in Funds
Investment in Funds	12.32%	8.32%
JEM Master Fund L.P.
Investment in Funds
Investment in Funds	12.01%
CMF Cirrus Master Fund L.P.
Investment in Funds
Investment in Funds	11.99%
Flintlock Master Fund L.P.
Investment in Funds
Investment in Funds	11.02%

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Statements of Income and Expenses and Changes in Partners Capital (Parenthetical) (Unaudited)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Trading Results:
Net asset value, units outstanding	137,723.8353	121,121.2027

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Statements of Financial Condition (USD $)	Jun. 30, 2011	Dec. 31, 2010
Assets:
Investment in Funds, at fair value	$ 145,903,172	$ 93,009,857
Equity in trading account:
Cash	52,428,297	85,698,856
Cash margin	8,115,035	5,943,791
Net unrealized appreciation on open futures contracts	918,738	1,516,219
Net unrealized appreciation on open forward contracts	0	19,265
Options purchased, at fair value (cost $0 and $854,880 at June 30, 2011 and December 31, 2010, respectively)	0	901,226
Total trading equity	207,365,242	187,089,214
Interest receivable	749	7,439
Total assets	207,365,991	187,096,653
Liabilities:
Net unrealized depreciation on open forward contracts	757,148	0
Accrued expenses:
Brokerage fees	602,609	545,698
Management fees	275,133	279,142
Administrative fees	85,787	77,685
Incentive fees	156,846	500,939
Other	117,664	107,923
Redemptions payable	7,017,584	2,059,665
Total liabilities	9,012,771	3,571,052
Partners' Capital:
General Partner, 1,438.9316 and 1,302.6036 unit equivalents outstanding at June 30, 2011 and December 31, 2010	2,072,378	1,927,332
Limited Partners, 136,284.9037 and 122,734.7189 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively	196,280,842	181,598,269
Total partners' capital	198,353,220	183,525,601
Total liabilities and partners' capital	$ 207,365,991	$ 187,096,653
Net asset value per unit	$ 1,440.22	$ 1,479.60