1269190--3/31/2010--EMERGING_CTA_PORTFOLIO_LP

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{investment, property, distribution}
{interest, director, officer}
{tax, income, asset}
{regulation, change, law}
{competitive, industry, competition}
An investor may lose all of its investment. The Partnership will pay substantial fees and expenses regardless of profitability. An investor s ability to redeem or transfer units is limited. Investing in units might not provide the desired diversification of an investor s overall portfolio. Past performance is no assurance of future results. An investor s tax liability may exceed cash distributions. The General Partner may allocate the Partnership s assets to undisclosed advisors. The backgrounds, strategies and past performance records of the Partnership s advisors will not be know to its investors. Regulatory changes could restrict the Partnership s operations Speculative position and trading limits may reduce profitability.

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