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
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: July 31, 2006

ITEM 1.  SCHEDULE OF INVESTMENTS

CITIFUNDS TRUST I

LEGG MASON PARTNERS EMERGING MARKETS EQUITY FUND

FORM N-Q
July 31, 2006

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments (unaudited)
July 31, 2006

Shares		Security	Value
COMMON STOCKS — 87.7%
Argentina — 1.1%
	12,200	Banco Macro Bansud SA, ADR	$	246,440
	6,700	BBVA Banco Frances SA, ADR		49,446
	23,200	Grupo Financiero Galicia SA, ADR *		134,560
		Total Argentina		430,446
Brazil — 10.2%
	7,700	Aracruz Celulose SA, Sponsored ADR		384,846
	7,300	Banco do Brasil SA		167,403
	8,200	Companhia Vale do Rio Doce, Sponsored ADR		163,180
	20,765	Company SA *		109,646
	25,200	Cyrela Brazil Realty SA		341,636
	36,971	Gafisa SA *		374,637
	13,900	Grendene SA		116,579
	19,918	Petroleo Brasileiro SA, Sponsored ADR		1,650,007
	1,600	Tam SA, Sponsored ADR *		43,120
	13,855	Tim Participacoes SA, ADR		343,604
	500	Ultrapar Participacoes SA, Sponsored ADR		7,505
	9,896	Vivo Participacoes SA		24,938
	27,600	Votorantim Celulose e Papel SA, Sponsored ADR		430,284
		Total Brazil		4,157,385
Chile — 1.5%
	67,121,703	CorpBanca SA		291,833
	37,433	Inversiones Aguas Metropolitanas SA		40,169
	13,700	Inversiones Aguas Metropolitanas SA, ADR (a)		294,501
		Total Chile		626,503
China — 1.7%
	152,000	China Life Insurance Co., Ltd.		255,853
	21,700	NetEase.com Inc., ADR *		375,410
	59,500	Weiqiao Textile Co., Ltd., Class H Shares		73,507
		Total China		704,770
Cyprus — 0.3%
	14,010	Urals Energy Public Co., Ltd. *		107,317
Czech Republic — 0.5%
	4,400	Komercni Banka AS, Sponsored GDR		220,000
Hong Kong — 7.2%
	190,000	AAC Acoustic Technology Holdings Inc. *		183,381
	106,000	China Merchants Holdings International Co., Ltd.		321,245
	62,000	China Mobile (Hong Kong) Ltd.		399,333
	598,000	China Overseas Land & Investment Ltd.		350,149
	304,000	China Resources Enterprise Ltd.		669,757
	1,181,200	CNOOC Ltd.		1,007,806
		Total Hong Kong		2,931,671
Hungary — 0.9%
	6,432	OTP Bank Nyrt., Sponsored GDR		384,634
Indonesia — 1.8%
	185,000	PT Astra International Tbk.		195,272
	491,100	PT Bank Central Asia Tbk.		225,436
	656,801	PT Indosat Tbk.		308,722
		Total Indonesia		729,430
Israel — 1.3%
	75,270	Bank Hapoalim Ltd.		336,782
	54,906	Bank Leumi Le-Israel		194,632
		Total Israel		531,414

See Notes to Schedule of Investments.

Page 1

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments (unaudited) (continued)
July 31, 2006

Shares		Security	Value
Malaysia — 1.3%
	45,600	Genting Berhad	$	311,688
	12,505	Magnum Corp. Berhad		6,736
	42,400	Telekom Malaysia Berhad		104,913
	47,800	Tenaga Nasional Berhad		119,582
		Total Malaysia		542,919
Mexico — 6.5%
	65,300	Consorcio ARA SA de CV		298,909
	71,800	Controladora Comercial Mexicana SA de CV		141,410
	63,500	Corporacion GEO SA de CV, Series B Shares *		252,162
	117,800	Corporacion Moctezuma SA de CV		248,193
	87,200	Empresas ICA SA de CV *		277,100
	84,800	Grupo Bimbo SA de CV, Series A Shares		272,659
	197,476	Grupo Financiero Banorte SA de CV, Series O Shares		544,499
	52,800	Urbi, Desarrollos Urbanos SA de CV *		137,363
	148,300	Wal-Mart de Mexico SA de CV		459,171
		Total Mexico		2,631,466
Peru — 1.1%
	15,400	Cia de Minas Buenaventura SA, ADR		448,294
Russia — 10.1%
	24,595	AFK Sistema, Registered Shares, Sponsored GDR		542,320
	29,398	Gazprom, Registered Shares, Sponsored ADR		1,225,309
	6,958	LUKOIL, Sponsored ADR		603,258
	3,923	Mining and Metallurgical Co. Norilsk Nickel, ADR		535,489
	17,700	Mobile TeleSystems, Sponsored ADR		565,338
	9,465	NovaTek OAO, Sponsored GDR		442,962
	2,330	Surgutneftegaz, Sponsored ADR		171,488
		Total Russia		4,086,164
South Africa — 5.0%
	24,505	Barloworld Ltd.		409,387
	3,053	Ellerine Holdings Ltd.		29,103
	24,476	JD Group Ltd.		225,361
	34,336	Massmart Holdings Ltd.		235,560
	41,886	MTN Group Ltd.		321,235
	73,003	Standard Bank Group Ltd.		805,550
		Total South Africa		2,026,196
South Korea — 18.0%
	510	Cheil Communications Inc.		102,523
	14,620	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		460,750
	6,860	GS Engineering & Construction Corp.		459,680
	4,530	Hyundai Mobis		376,591
	11,060	Hyundai Motor Co.		846,493
	11,800	Kookmin Bank		1,030,384
	7,411	KT&G Corp.		446,941
	1,662	ORION Corp		417,632
	780	POSCO		190,284
	3,043	Samsung Electronics Co., Ltd.		1,937,121
	11,480	Shinhan Financial Group Co., Ltd.		564,925
	6,574	SK Corp.		460,476
		Total South Korea		7,293,800
Taiwan — 11.1%
	260,000	AU Optronics Corp.		374,332
	18,100	AU Optronics Corp., ADR		266,794
	20,000	Catcher Technology Co., Ltd.		204,586
	416,000	Cathay Financial Holding Co., Ltd.		889,187
	8,645	China Steel Corp.		6,943
	640,027	Chinatrust Financial Holding Co., Ltd.		498,357

See Notes to Schedule of Investments.

Page 2

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments (unaudited) (continued)
July 31, 2006

Shares		Security	Value
Taiwan — 11.1% (continued)
	161,710	Formosa Chemicals & Fibre Corp.	$	227,142
	219,637	Formosa Plastics Corp.		303,142
	4,800	High Tech Computer Corp.		106,703
	72,291	Hon Hai Precision Industry Co., Ltd.		428,241
	563,917	Taiwan Semiconductor Manufacturing Co., Ltd.		943,621
	314,000	Uni-President Enterprises Corp.		247,372
		Total Taiwan		4,496,420
Thailand — 4.9%
	1,051,700	Asian Property Development Public Co., Ltd.		76,710
	123,500	Bangkok Bank Public Co., Ltd., NVDR		329,638
	1,025,500	Italian-Thai Development Public Co., Ltd.		142,280
	230,500	Kasikornbank Public Co., Ltd.		389,852
	151,000	Kasikornbank Public Co., Ltd., NVDR		245,415
	932,500	Krung Thai Bank Public Co., Ltd.		268,611
	1,375,000	Land & Houses Public Co., Ltd., NVDR		252,543
	43,400	PTT Public Co., Ltd.		270,676
	2,356	Thai Airways International Public Co., Ltd.		2,522
		Total Thailand		1,978,247
Turkey — 2.3%
	48,547	Arcelik AS		302,059
	140,700	Turkiye Garanti Bankasi AS		404,770
	51,653	Turkiye Vakiflar Bankasi T.A.O., Class D		217,712
		Total Turkey		924,541
United Kingdom — 0.9%
	8,633	Anglo American PLC		361,591
		TOTAL COMMON STOCKS (Cost — $31,322,423)		35,613,208
PREFERRED STOCKS — 4.2%
Brazil — 4.2%
	30,300	Braskem SA		157,348
	26,000,000	CESP CIA Energetica de Sao Paulo *		204,917
	1,400	Cia Vale do Rio Doce		27,859
	27,500	Duratex SA		271,714
	22,632	Tam SA		613,019
	2,500	Telemar Norte Leste SA, Series A Shares		49,391
	11,488	Ultrapar Participacoes SA		171,106
	43,100	Universo Online SA *		225,404
		TOTAL PREFERRED STOCKS (Cost — $1,532,946)		1,720,758
Warrants
WARRANTS(a) — 1.8%
	20,685	MSDW Asia Securities Products LLC, Each warrant exercisable for 1 share of Oil & Natural Gas Corp., Ltd. common stock, Expires 3/14/07		522,565
	13,424	MSDW Asia Securities Products LLC, Each warrant exercisable for 1 share of Satyam Computer Servcies, Ltd., common stock, Expires 3/21/07		217,845
		TOTAL WARRANTS (Cost — $551,495)		740,410

See Notes to Schedule of Investments.

Page 3

Legg Mason Partners Emerging Markets Equity Fund

Schedule of Investments (unaudited) (continued)
July 31, 2006

Face Amount		Security	Value
EQUITY LINKED NOTES(c) — 3.0%
India — 1.9%
$	1	UBS Hindalco Industries Ltd., 0.000% due 1/10/07 (b)	$	2
	22,022	UBS Infosys Technologies Ltd., 0.000% due 1/10/07		782,221
		Total India		782,223
United Kingdom — 1.1%
	27,300	UBS Saytam Computer Services Ltd., 0.000% due 6/19/07 (b)		443,405
		TOTAL EQUITY LINKED NOTES      (Cost — $1,175,137)		1,225,628
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT      (Cost — $34,582,001)		39,300,004
SHORT-TERM INVESTMENT — 1.5%
Repurchase Agreement — 1.5%
	599,000	State Street Bank & Trust Co., dated 7/31/06, 4.810% due 8/1/06; Proceeds at maturity - $599,080; (Fully collateralized by U.S. Treasury Bond, 7.875% due 2/15/21; Market value - $614,525) (Cost — $599,000)		599,000
		TOTAL INVESTMENTS — 98.2% (Cost — $35,181,001#)		39,899,004
		Other Assets in Excess of Liabilities — 1.8%		727,558
		TOTAL NET ASSETS — 100.0%	$	40,626,562

*	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)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees (See Note 1).
(c)	Equity-linked security whereby the coupon, dividend and or redemption amount is linked to the price of an underlying equity security.
#	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

Summary of Investments by Sector* (unaudited)
Financials	25.1	%
Energy	14.9
Information Technology	12.1
Consumer Discretionary	11.7
Industrials	9.9
Materials	7.8
Telecommunication Services	5.9
Consumer Staples	4.5
Equity Linked Notes	2.0
Warrants	3.0
Utilities	1.6
Repurchase Agreement	1.5
	100.0	%

* As a percentage of total investments. Please note that Fund holdings are as of July 31, 2006 and are subject to change.

See Notes to Schedule of Investments.

Page 4

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners Emerging Markets Equity Fund (formerly known as Smith Barney 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 July 31, 2006, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	6,121,650
Gross unrealized depreciation		(1,403,647	)
Net unrealized appreciation	$	4,718,003

Page 5

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: September 29, 2006

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: September 29, 2006
By:	/s/ Frances M. Guggino
Frances M. Guggino
Chief Financial Officer
Date: September 29, 2006

EX-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: September 29, 2006	/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 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: September 29, 2006	/s/ Frances M. Guggino
	Frances M. Guggino
	Chief Financial Officer