N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4006

CitiFunds Trust I

(Exact name of registrant as specified in charter)

125 Broad Street, New York, NY 10004

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

300 First Stamford Place, 4th Floor

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-451-2010

Date of fiscal year end:  October 31

Date of reporting period: January 31, 2007

CITIFUNDS TRUST I

LEGG MASON PARTNERS EMERGING MARKETS EQUITY FUND

FORM N-Q

JANUARY 31, 2007

ITEM 1.                  SCHEDULE OF INVESTMENTS

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments  (unaudited)

January 31, 2007

Shares	Security		Value
COMMON STOCKS — 90.1%
Argentina — 1.3%
40,700		BBVA Banco Frances SA, ADR	$	447,293
42,792		Grupo Financiero Galicia SA, ADR *	382,988
		Total Argentina	830,281
Brazil — 12.1%
8,400		Aracruz Celulose SA, ADR	465,276
21,394		Banco do Brasil SA	699,957
8,200		Companhia Vale do Rio Doce, ADR	235,586
19,435		Company SA *	235,132
65,500		Cyrela Brazil Realty SA	605,896
28,700		OdontoPrev SA *	529,617
36,693		Perdigao SA	466,381
29,918		Petroleo Brasileiro SA, ADR	2,653,727
14,800		Rodobens Negocios Imobiliarios SA *	157,597
53,600		Rossi Residencial SA	598,009
33,300		Tecnisa SA *	203,790
15,900,000		Tim Participacoes SA	84,955
17,458		Tim Participacoes SA, ADR	583,621
22,900		Votorantim Celulose e Papel SA, ADR	413,345
		Total Brazil	7,932,889
Cayman Islands — 0.0%
19,000		Golden Eagle Retail Group Ltd.	14,940
Chile — 1.0%
67,121,703		CorpBanca SA	368,347
13,700		Inversiones Aguas Metropolitanas SA, ADR (a)	312,022
		Total Chile	680,369
China — 4.2%
354,000		China Coal Energy Co., Class H Shares *	267,936
1,774,000		China Construction Bank (a)	1,040,542
463,000		China Merchants Bank Co., Ltd., Class H Shares *	999,722
230,000		PetroChina Co., Ltd.	281,891
113,000		Weiqiao Textile Co., Ltd., Class H Shares	168,740
		Total China	2,758,831
Cyprus — 0.4%
35,110		Urals Energy Public Co., Ltd. *	249,577
Czech Republic — 0.5%
6,200		Komercni Banka AS, GDR	303,800
Egypt — 0.8%
7,500		Orascom Telecom Holding SAE, GDR	517,500
Hong Kong — 4.1%
412,000		AAC Acoustic Technology Holdings Inc. *	386,233
86,000		China Merchants Holdings International Co., Ltd.	318,300
110,500		China Mobile (Hong Kong) Ltd.	1,012,541
310,000		China Resources Enterprise Ltd.	966,722
		Total Hong Kong	2,683,796
Hungary — 1.1%
7,832		OTP Bank Nyrt, GDR	704,880
India — 0.9%
155,100		Hindalco Industries Ltd. *	618,849
Indonesia — 2.3%
286,000		PT Astra International Tbk	466,714
652,100		PT Bank Central Asia Tbk	365,463

See Notes to Schedule of Investments.

1

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments  (unaudited) (continued)

January 31, 2007

Shares	Security		Value
Indonesia — 2.3% (continued)
1,029,301		PT Indosat Tbk	$	678,660
		Total Indonesia	1,510,837
Israel — 1.8%
191,878		Bank Hapoalim Ltd.	889,226
72,330		Bank Leumi Le-Israel	283,357
		Total Israel	1,172,583
Malaysia — 1.5%
58,000		Genting Berhad	629,624
75,700		Telekom Malaysia Berhad	222,743
47,800		Tenaga Nasional Berhad	167,959
		Total Malaysia	1,020,326
Mexico — 7.1%
108,000		Consorcio ARA SA de CV	723,796
108,000		Controladora Comercial Mexicana SA de CV	293,470
134,400		Corporacion GEO SA de CV, Series B Shares *	710,937
112,400		Corporacion Moctezuma SA de CV	290,206
121,100		Empresas ICA SA de CV *	445,776
66,919		Grupo Bimbo SA de CV, Series A Shares	333,980
202,776		Grupo Financiero Banorte SA de CV, Series O Shares	804,103
110,600		Urbi, Desarrollos Urbanos SA de CV *	394,703
146,700		Wal-Mart de Mexico SA de CV	647,243
		Total Mexico	4,644,214
Peru — 1.4%
33,100		Cia de Minas Buenaventura SA, ADR	956,921
Philippines — 0.0%
123,000		PNOC Energy Development Corp. *	12,218
Russia — 8.3%
12,645		AFK Sistema, Registered Shares, GDR	383,144
12,700		Cherepovets MK Severstal, GDR	157,480
36,898		Gazprom, Registered Shares, ADR	1,584,769
8,558		LUKOIL, ADR	676,938
4,700		Mechel Steel Group OAO, ADR	133,010
2,222		Mining and Metallurgical Co. Norilsk Nickel, ADR	375,518
17,200		Mobile TeleSystems, ADR	931,552
6,565		NovaTek OAO, GDR	354,510
15,962		OAO TMK, GDR *	560,266
32,400		Rosneft Oil Co., GDR *	291,600
		Total Russia	5,448,787
South Africa — 6.8%
30,665		Barloworld Ltd.	786,499
24,216		Ellerine Holdings Ltd.	253,146
30,545		JD Group Ltd.	368,545
38,622		Massmart Holdings Ltd.	404,168
47,286		MTN Group Ltd.	565,319
21,879		Sasol Ltd.	740,513
97,527		Standard Bank Group Ltd.	1,331,381
		Total South Africa	4,449,571
South Korea — 15.2%
24,970		Daewoo Shipbuilding & Marine Engineering Co., Ltd.	724,037
7,760		GS Engineering & Construction Corp.	642,889
9,580		Hite Brewery Co., Ltd.	1,200,680
3,092		Hyundai Mobis	250,579
16,682		Hyundai Motor Co.	1,188,914
12,400		Kookmin Bank	986,468
2,962		ORION Corp	777,073

See Notes to Schedule of Investments.

2

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments  (unaudited) (continued)

January 31, 2007

Shares	Security		Value
South Korea — 15.2% (continued)
780		POSCO	$	272,979
3,883		Samsung Electronics Co., Ltd.	2,387,952
13,980		Shinhan Financial Group Co., Ltd.	730,553
10,980		SK Corp.	838,515
		Total South Korea	10,000,639
Taiwan — 12.9%
286,000		Advanced Semiconductor Engineering Inc. *	326,155
322,800		AU Optronics Corp.	428,413
24,543		AU Optronics Corp., ADR	329,613
54,940		Catcher Technology Co., Ltd.	588,994
555,682		Cathay Financial Holding Co., Ltd.	1,231,961
682,830		Chinatrust Financial Holding Co., Ltd.	574,434
390,710		Formosa Chemicals & Fibre Corp.	697,718
219,637		Formosa Plastics Corp.	369,541
15,000		Foxconn Technology Co., Ltd.	179,032
169,749		Hon Hai Precision Industry Co., Ltd.	1,159,946
116,000		InnoLux Display Corp. *	259,289
316,000		Siliconware Precision Industries Co.	523,996
706,917		Taiwan Semiconductor Manufacturing Co., Ltd.	1,447,025
398,000		Uni-President Enterprises Corp.	362,620
		Total Taiwan	8,478,737
Thailand — 4.3%
1,937,100		Asian Property Development Public Co., Ltd.	190,233
17,500		Bangkok Bank Public Co., Ltd.	56,281
131,600		Bangkok Bank Public Co., Ltd., NVDR	400,563
1,310,100		Italian-Thai Development Public Co., Ltd.	154,992
267,000		Kasikornbank Public Co., Ltd.	479,182
86,600		Kasikornbank Public Co., Ltd., NVDR	147,960
1,036,700		Krung Thai Bank Public Co., Ltd.	363,180
1,913,000		Land & Houses Public Co., Ltd., NVDR	337,831
52,200		PTT Public Co., Ltd.	298,286
1,029,000		Thai Beverage Public Co., Ltd.	184,180
124,697		Thai Oil Public Co., Ltd.	205,889
		Total Thailand	2,818,577
Turkey — 1.4%
61,011		Arcelik AS	382,806
88,900		Turkiye Garanti Bankasi AS	334,045
35,353		Turkiye Vakiflar Bankasi T.A.O., Class D Shares	91,233
33,749		Turkiye Vakiflar Bankasi T.A.O., Class D Shares *	83,266
		Total Turkey	891,350
United Kingdom — 0.7%
10,545		Anglo American PLC	489,298
		TOTAL COMMON STOCKS (Cost — $47,606,261)	59,189,770
PREFERRED STOCKS — 2.8%
Brazil — 2.8%
3,039,084		Cia Energetica de Sao Paulo *	35,337
1,400		Cia Vale do Rio Doce	39,543
4,900		Duratex SA	93,421
16,632		Tam SA	537,893
12,788		Ultrapar Participacoes SA	308,766
43,100		Universo Online SA *	246,315
16,100		Usinas Siderurgicas de Minas Gerais SA, Class A Shares	607,848
		TOTAL PREFERRED STOCKS (Cost — $1,354,684)	1,869,123

See Notes to Schedule of Investments.

3

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments  (unaudited) (continued)

January 31, 2007

Shares		Security		Value
EQUITY LINKED NOTES(b)(c) — 2.3%
United Kingdom — 2.3%
$	4,534		Eln Bharti Televe, 0.000% due 10/31/07	$	72,772
14,117			UBS AG, 0.000% due 1/8/10	718,804
66,582			UBS Saytam Computer Services Ltd., 0.000% due 6/19/07	713,476
			TOTAL EQUITY LINKED NOTES (Cost — $1,290,766)	1,505,052
Warrants
WARRANTS(a) — 1.4%
7,000			Bharti Airtel Ltd., Expires 3/17/11*	112,273
25,185			MSDW Asia Securities Products LLC, Each warrant exercisable for 1 share of  Oil & Natural Gas Corp., Ltd. common stock, Expires 3/14/07*	772,827
			TOTAL WARRANTS (Cost — $620,184)	885,100
			TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost — $50,871,895)	63,449,045
Face Amount
SHORT-TERM INVESTMENT — 4.6%
Repurchase Agreement — 4.6%
$	3,037,000		State Street Bank & Trust Co., dated 1/31/07, 4.770% due 2/1/07; Proceeds at  maturity - $3,037,402; (Fully collateralized by U.S. Treasury Bond, 6.625% due 2/15/27; Market value - $3,099,250) (Cost - $3,037,000)	3,037,000
			TOTAL INVESTMENTS — 101.2% (Cost — $53,908,895#)	66,486,045
			Liabilities in Excess of Other Assets — (1.2)%	(796,613		)
			TOTAL NET ASSETS — 100.0%	$	65,689,432

*	Non-income producing security.
(a)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted.
(b)	Equity-linked security whereby the coupon, dividend and or redemption amount is linked to the price of an underlying equity security.
(c)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees (See Note 1).
#	Aggregate cost for federal income tax purposes is substantially the same.
	Abbreviations used in this schedule:
	ADR - American Depositary Receipt
	GDR - Global Depositary Receipt
	NVDR - Non-Voting Depositary Receipt

See Notes to Schedule of Investments.

4

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments  (unaudited) (continued)

January 31, 2007

Summary of Investments by Sector* (Unaudited)

Financials	25.4	%
Consumer Discretionary	12.7
Energy	12.7
Information Technology	12.4
Materials	9.7
Industrials	8.6
Telecommunication Services	6.4
Consumer Staples	5.9
Health Care	0.8
Utilities	0.8
Short-Term Investment	4.6
	100.0	%

* As a percentage of total investments.

See Notes to Schedule of Investments.

5

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners Emerging Markets Equity Fund (the “Fund”) is a separate diversified investment fund of  CitiFunds Trust I (the “Trust”). The Trust, a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Trustees. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian take possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

(c) Equity Linked Notes. Equity-linked notes, or ELNs, are debt securities that pay interest based upon the performance of one or more equity securities, such as a stock index, a group of stocks or a single stock. ELNs offer investors the opportunity to participate in the appreciation of the underlying equity securities, often subject to a cap on the interest payable. ELNs are typically considered more conservative investments than investments in the equity securities to which they are linked, as ELNs generally provide for the repayment at maturity of the principal amount invested, plus interest (if any). However, in addition to the credit and market risks applicable to debt securities, ELNs are subject to the risk that an investor will receive less than the prevailing rate of interest if the value of the relevant equity securities decline or fail to increase sufficiently.

(d) Foreign Risk. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(e) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(f) Security Transactions. Security transactions are accounted for on a trade date basis.

2.  Investments

At January 31, 2007, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	13,335,415
Gross unrealized depreciation	(758,265		)
Net unrealized appreciation	$	12,577,150

ITEM 2.	CONTROLS AND PROCEDURES.
	(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 3.	EXHIBITS.
	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CitiFunds Trust I
By:	/s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer
Date:		March 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:		/s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer
Date:			March 29, 2007
By:	/s/ Frances M. Guggino
Frances M. Guggino
Chief Financial Officer
Date:			March 29, 2007

EX-99.CERT

Exhibit 99.Cert

CERTIFICATIONS

I, R. Jay Gerken, certify that:

1.I have reviewed this report on Form N-Q of CitiFunds Trust I - Legg Mason Partners Emerging Markets Equity Fund;

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 a date within 90 days prior to the filing date of 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 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 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:	March 29, 2007	/s/ R. Jay Gerken
		R. Jay Gerken
		Chief Executive Officer

I, Frances M. Guggino, certify that:

1.    I have reviewed this report on Form N-Q of CitiFunds Trust I - Legg Mason Partners Emerging Markets Equity Fund;

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 a date within 90 days prior to the filing date of this rep ort 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 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 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:	March 29, 2007	/s/ Frances M. Guggino
		Frances M. Guggino
		Chief Financial Officer