0000839948

The following table sets forth the loss experience for cardholder payments on the credit card accounts for each of the periods shown on a cash basis. The Net Loss percentage calculated for each period below is obtained by dividing Net Losses by the Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (365/91 for the three months ended March 28, 2006, 365/364 for the year ended December 27, 2005, 366/368 for the year ended December 28, 2004 and 365/365 for the year ended December 31, 2003).

If accrued finance charge receivables that have been written off were included in losses, Net Losses would be higher as an absolute number and as a percentage of the average of principal and finance charge receivables outstanding during the periods indicated. Average Principal Receivables Outstanding is the average of principal receivables outstanding during the periods indicated. There can be no assurance that the loss experience for the receivables in the future will be similar to the historical experience set forth below.

Average Principal Receivables Outstanding	$75,130,923	$76,299,195	$76,750,306	$75,707,275

Gross Charge-Offs	$735,410	$5,068,881	$5,066,778	$5,115,685
Recoveries	$168,281	$707,721	$479,837	$368,801
Net Losses	$567,129	$4,361,160	$4,586,941	$4,746,884

Net Losses as a Percentage of Average Principal Receivables Outstanding	3.03%	5.73%	5.94%	6.27%

Net losses as a percentage of gross charge-offs for the three months ended March 28, 2006 were 77.12% and for each of the years ended December 27, 2005, December 28, 2004 and December 31, 2003 were 86.04%, 90.53% and 92.79%, respectively. Gross charge-offs are charge-offs before recoveries and do not include the amount of any reductions in Average Principal Receivables Outstanding due to fraud, returned goods, customer disputes or various other miscellaneous write-offs. During the 39 trust monthly reporting periods from January 2003 through March 2006, such reductions ranged from 0.63% to 1.03% of the outstanding principal receivables as of the end of the related trust monthly reporting period. The reduction of receivables in this manner reduces only the sellers’ interest in the master trust. Recoveries are collections received in respect of principal receivables previously charged off as uncollectible. Net losses are gross charge-offs minus recoveries.

The following table sets forth the delinquency experience for cardholder payments on the credit card accounts as of each of the dates shown. The Delinquent Amount includes both principal receivables and finance charge receivables. The percentages are the result of dividing the Delinquent Amount by the average of principal and finance charge receivables outstanding during the periods indicated. There can be no assurance that the delinquency experience for the receivables in the future will be similar to the historical experience set forth below.

Number of Days Delinquent	Delinquent		Delinquent		Delinquent		Delinquent
Number of Days Delinquent	Amount	Percentage	Amount	Percentage	Amount	Percentage	Amount	Percentage

Up to 34 days	$2,320,425	3.06%	$2,546,025	3.29%	$2,681,813	3.45%	$3,360,396	4.37%
35 to 64 days	775,971	1.02	750,127	0.97	896,856	1.15	1,146,055	1.49
65 to 94 days	553,875	0.73	515,964	0.67	626,967	0.81	777,690	1.01
95 to 124 days	397,327	0.52	395,861	0.51	521,980	0.67	612,336	0.80
125 to 154 days	342,127	0.45	324,238	0.42	433,092	0.56	520,419	0.68
155 to 184 days	311,778	0.41	292,535	0.38	366,161	0.47	452,659	0.59

Total	$4,701,503	6.19%	$4,824,750	6.24%	$5,526,869	7.11%	$6,869,555	8.94%

The revenues for the credit card accounts from finance charges, fees paid by cardholders and interchange for the three months ended March 28, 2006 and for each of the years ended December 27, 2005, December 28, 2004 and December 31, 2003 are set forth in the following table. The revenue experience in this table is presented on a cash basis before deduction for charge-offs. Average Revenue Yield calculated for each period below is obtained by dividing Finance Charges and Fees Paid by Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (365/91 for the three months ended March 28, 2006, 365/364 for the year ended December 27, 2005, 366/368 for the year ended December 28, 2004 and 365/365 for the year ended December 31, 2003).

Revenues from finance charges, fees and interchange will be affected by numerous factors, including the periodic finance charge on the credit card receivables, the amount of any annual membership fee, other fees paid by cardholders, the percentage of cardholders who pay off their balances in full each month and do not incur periodic finance charges on purchases, the percentage of credit card accounts bearing finance charges at promotional rates and changes in the level of delinquencies on the receivables.

The revenues from periodic finance charges and fees -- other than annual fees -- depend in part upon the collective preference of cardholders to use their credit cards as revolving debt instruments for purchases and cash advances and to pay account balances over several months -- as opposed to convenience use, where cardholders pay off their entire balance each month, thereby avoiding periodic finance charges on their purchases -- and upon other card-related services for which the cardholder pays a fee. Revenues from periodic finance charges and fees also depend on the types of charges and fees assessed on the credit card accounts. Accordingly, revenues will be affected by future changes in the types of charges and fees assessed on the accounts and in the types of additional accounts added from time to time. These revenues could be adversely affected by future changes in fees and charges assessed on the accounts and other factors.

The following table sets forth the highest and lowest cardholder monthly payment rates for the credit card accounts during any month in the periods shown and the average of the cardholder monthly payment rates for all months during the periods shown, in each case calculated as a percentage of the total beginning account balances for that month.

Monthly payment rates on the credit card receivables may vary because, among other things, a cardholder may fail to make a required payment, may only make the minimum required payment or may pay the entire outstanding balance. Monthly payment rates on the receivables may also vary due to seasonal purchasing and payment habits of cardholders. Monthly payment rates include amounts that are treated as payments of principal receivables and finance charge receivables with respect to the accounts under the pooling and servicing agreement. In addition, the amount of outstanding receivables and the rates of payments, delinquencies, charge-offs and new borrowings on the accounts depend on a variety of factors including seasonal variations, the availability of other sources of credit, general economic conditions, tax laws, consumer spending and borrowing patterns and the terms of the accounts, which may change. Cardholder monthly payment rates are calculated on the balances of those cardholder accounts that have an amount due. Cardholder accounts with a zero balance or a credit balance are excluded from these calculations.

For the March 2006 trust monthly reporting period, 49.85% of the accounts had a credit balance or otherwise had no payment due, 20.50% of the cardholders paid their entire outstanding balance, 3.70% of the cardholders made only the minimum payment due, and the remaining 25.95% of the cardholders paid an amount greater than the minimum due, but less than the entire outstanding balance.

	Three Months Ended March 28, 2006	Year Ended December 27, 2005	Year Ended December 28, 2004	Year Ended December 31, 2003



Lowest Month	20.29%	17.28%	16.86%	16.16%
Highest Month	24.14%	22.02%	19.41%	19.23%
Average of the Months in the Period	22.35%	20.04%	18.41%	17.76%

Creditors participating in the MasterCard International and VISA associations receive interchange as partial compensation for taking credit risk, absorbing fraud losses and funding receivables for a limited period before initial billing. Under the MasterCard International and VISA systems, a portion of this interchange in connection with cardholder charges for merchandise and services is passed from banks which clear the transactions for merchants to credit card-issuing banks. Interchange ranges from approximately 1% to 2% of the transaction amount. Citibank (South Dakota) is required to transfer to the master trust interchange attributed to cardholder charges for merchandise and services in the accounts. In general, interchange is allocated to the master trust on the basis of the ratio that the amount of cardholder charges for merchandise and services in the accounts bears to the total amount of cardholder charges for merchandise and services in the portfolio of credit card accounts maintained by Citibank (South Dakota). MasterCard International and VISA may change the amount of interchange reimbursed to banks issuing their credit cards.

The receivables in the credit card accounts designated to the master trust as of March 26, 2006 included $955,673,221 of finance charge receivables and $74,329,754,926 of principal receivables -- which amounts include overdue finance charge receivables and overdue principal receivables. As of March 26, 2006, there were 41,502,158 accounts. Included within the accounts are inactive accounts that have no balance. The accounts had an average principal receivable balance of $1,791 and an average credit limit of $10,204. The average principal receivable balance in the accounts as a percentage of the average credit limit with respect to the accounts was approximately 18%. Approximately 87% of the accounts were opened before March 2004. Of the accounts, as of March 26, 2006, approximately the following percentages related to cardholders with billing addresses in the following states:

Since the largest number of cardholders’ billing addresses were in California, New York, Florida, Texas and Illinois, adverse changes in the business or economic conditions in these states could have an adverse effect on the performance of the receivables. No other state represents more than 5% of the number of accounts or outstanding receivables.

As of March 31, 2006, approximately 16% of the credit card receivables in the master trust related to credit cards issued under the Citibank/American Airlines AAdvantage co-brand program. Cardholders in the AAdvantage program receive benefits for the amounts charged on their AAdvantage cards, including frequent flyer miles in American Airline's frequent traveler program. Conditions that adversely affect the airline industry or American Airlines could affect the usage and payment patterns of the AAdvantage program cards. In addition, termination of the AAdvantage program could have an adverse effect on the payment rates and excess spread reported by the master trust. However, we do not expect any such termination to affect the integrity or sustainability of master trust cash flows. As of March 31, 2006, no other co-brand or affinity program of the Banks accounted for more than 1% of the credit card receivables in the master trust.

The credit card accounts include receivables which, in accordance with the servicer's normal servicing policies, were charged-off as uncollectible. However, for purposes of calculation of the amount of principal receivables and finance charge receivables in the master trust for any date, the balance of the charged-off receivables is zero and the master trust owns only the right to receive recoveries on these receivables.

The following tables summarize the credit card accounts designated to the master trust as of March 26, 2006 by various criteria. References to "Receivables Outstanding" in these tables include both finance charge receivables and principal receivables. Because the composition of the accounts will change in the future, these tables are not necessarily indicative of the future composition of the accounts.

Credit balances presented in the following table are a result of cardholder payments and credit adjustments applied in excess of a credit card account's unpaid balance. Accounts which have a credit balance are included because receivables may be generated in these accounts in the future. Credit card accounts which have no balance are included because receivables may be generated in these accounts in the future.

			Percentage		Percentage
			of Total		of Total
		Number of	Number of	Receivables	Receivables
	Account Balance	Accounts	Accounts	Outstanding	Outstanding

Credit Balance…........................…..		506,675	1.22%	$ (90,733,894)	-0.12%
No Balance ….............................…..		20,829,234	50.17	0	0.00
Less than or equal to $500.00.............		5,506,517	13.27	994,721,937	1.32
$500.01 to $1,000.00..........................		2,305,339	5.55	1,694,063,156	2.25
$1,000.01 to $2,000.00.......................		2,812,551	6.78	4,105,132,199	5.45
$2,000.01 to $3,000.00.......................		1,870,142	4.51	4,632,750,909	6.15
$3,000.01 to $4,000.00...............…....		1,405,775	3.39	4,894,907,880	6.50
$4,000.01 to $5,000.00.......................		1,125,902	2.71	5,054,293,062	6.71
$5,000.01 to $6,000.00....................		886,770	2.14	4,865,458,571	6.46
$6,000.01 to $7,000.00.......................		721,367	1.74	4,679,394,885	6.22
$7,000.01 to $8,000.00.......................		589,851	1.42	4,415,831,898	5.87
$8,000.01 to $9,000.00.......................		484,931	1.17	4,115,725,209	5.47
$9,000.01 to $10,000.00.....................		406,521	0.98	3,857,297,368	5.12
$10,000.01 to $15,000.00...................		1,173,855	2.83	14,270,607,450	18.96
$15,000.01 to $20,000.00...................		525,829	1.27	9,039,359,537	12.01
Over $20,000.00.................………...		350,899	0.85	8,756,617,979	11.63

Total................................................		41,502,158	100.00%	$75,285,428,146	100.00%

			Percentage		Percentage
			of Total		of Total
		Number of	Number of	Receivables	Receivables
	Credit Limit	Accounts	Accounts	Outstanding	Outstanding

Less than or equal to $500.00............		1,192,262	2.87%	$ 45,976,965	0.06%
$500.01 to $1,000.00.........................		1,047,449	2.52	205,365,751	0.27
$1,000.01 to $2,000.00......................		2,105,786	5.07	801,730,776	1.06
$2,000.01 to $3,000.00......................		2,213,710	5.33	1,351,963,128	1.80
$3,000.01 to $4,000.00..........…........		2,115,437	5.10	1,659,915,690	2.20
$4,000.01 to $5,000.00......................		3,020,652	7.28	2,364,953,215	3.14
$5,000.01 to $6,000.00......................		2,659,743	6.41	2,384,697,547	3.17
$6,000.01 to $7,000.00......................		2,631,916	6.34	2,639,123,572	3.51
$7,000.01 to $8,000.00......................		2,823,219	6.80	2,836,400,377	3.77
$8,000.01 to $9,000.00......................		2,473,920	5.96	2,839,015,016	3.77
$9,000.01 to $10,000.00....................		2,518,032	6.07	3,183,584,823	4.23
$10,000.01 to $15,000.00..................		8,039,333	19.38	14,337,766,571	19.04
$15,000.01 to $20,000.00..................		4,050,449	9.76	12,915,374,139	17.16
Over $20,000.00......….......................		4,610,250	11.11	27,719,560,576	36.82

Total...........................................		41,502,158	100.00%	$75,285,428,146	100.00%

			Percentage		Percentage
			of Total		of Total
		Number of	Number of	Receivables	Receivables
	Payment Status	Accounts	Accounts	Outstanding	Outstanding

Current…...........................................		40,573,510	97.77%	$70,583,925,443	93.76%
Up to 34 days delinquent...................		505,881	1.22	2,320,425,297	3.08
35 to 64 days delinquent...................		149,551	0.36	775,970,979	1.03
65 to 94 days delinquent...................		95,373	0.23	553,875,272	0.74
95 to 124 days delinquent..................		68,473	0.16	397,326,605	0.53
125 to 154 days delinquent...............		57,766	0.14	342,126,624	0.45
155 to 184 days delinquent................		51,604	0.12	311,777,926	0.41

Total...........................................		41,502,158	100.00%	$75,285,428,146	100.00%

			Percentage		Percentage
			of Total		of Total
		Number of	Number of	Receivables	Receivables
	Age	Accounts	Accounts	Outstanding	Outstanding

Less than or equal to 6 months..........		607,792	1.46%	$ 908,634,169	1.21%
Over 6 months to 12 months..............		1,435,655	3.46	1,938,072,410	2.57
Over 12 months to 24 months............		3,379,683	8.14	4,913,271,294	6.53
Over 24 months to 36 months............		1,698,272	4.09	3,071,885,872	4.08
Over 36 months to 48 months............		3,641,081	8.77	5,894,152,707	7.83
Over 48 months to 60 months............		2,885,092	6.95	5,278,157,928	7.01
Over 60 months..................................		27,854,583	67.13	53,281,253,766	70.77

Total...........................................		41,502,158	100.00%	$75,285,428,146	100.00%

The following table sets forth the composition of accounts by FICO^®* score. A FICO score is a measurement determined by Fair, Isaac & Company using information collected by major credit bureaus to assess credit risk. A credit report is generally obtained from one or more credit bureaus for each application for a new account. Once a customer has been issued a card, Citibank (South Dakota) refreshes the FICO score on most accounts on a monthly basis. Citibank (South Dakota) generally does not refresh the FICO scores of accounts with a zero balance that have been determined to be inactive, accounts in forbearance or workout programs and certain other categories of accounts. A FICO score of zero indicates that the FICO score of an account has not been refreshed for one of these reasons or that the customer did not have enough credit history for a FICO score to be calculated.

			Percentage		Percentage
			of Total		of Total
		Number of	Number of	Receivables	Receivables
	FICO Score	Accounts	Accounts	Outstanding	Outstanding

0 ........……………………………....		8,196,803	19.75%	$888,264,932	1.18%
001 to 599 …………….....................		1,890,742	4.56	6,834,238,103	9.08
600 to 639 …………….....................		1,604,737	3.87	6,445,983,643	8.56
640 to 659 …………….........…........		1,374,598	3.31	5,924,962,262	7.87
660 to 679 …………….....................		1,804,743	4.35	7,607,806,837	10.11
680 to 699 ………….........................		2,316,717	5.58	8,913,702,480	11.84
700 to 719 ………….........................		2,871,793	6.92	9,573,895,672	12.72
720 to 739 ………….........................		3,106,762	7.49	8,459,553,631	11.24
740 to 759 ………….........................		3,366,097	8.11	6,985,217,833	9.28
760 to 800 …………….....................		8,867,830	21.36	10,237,421,815	13.58
801 and above ........….......................		6,101,336	14.70	3,414,380,938	4.54

Total ..........................................		41,502,158	100.00%	$75,285,428,146	100.00%

Static pool information is information relating to the master trust receivables, organized by year of origination of each related credit card account. Static pool information for the master trust receivables was not stored by the Banks’ computer systems before January 2006, and cannot be produced without unreasonable effort and expense. Static pool information concerning losses, delinquencies, revenue yield and payment rate for the master trust receivables has been stored by the Banks since January 2006 and can be found at www.citigroup.com/citigroup/citibankmastertrust/staticpool. This information is presented in monthly increments and will be updated quarterly. The static pool information on the website is organized by year of origination of the applicable account for each of the five most recent years, and for accounts originated more than five years ago. As of March 26, 2006, less than 33% of the accounts were originated within the last five years. Because static pool information has only been stored since January 2006, the full array of static pool information will not be available until 2011. There can be no assurance that the loss, delinquency, revenue yield and payment rate experience for the receivables in the future will be similar to the historical experience set forth on the website.

Each month, billing statements are sent to cardholders who had activity during the immediately preceding billing period. To the extent a cardholder has a balance due, the cardholder must make a minimum payment equal to the sum of any amount which is past due plus any amount which is in excess of the credit limit and, for most accounts, the greatest of the following:

Consistent with changes in industry practice based on regulatory guidance, during calendar year 2005 Citibank (South Dakota) changed the minimum payment calculation for its credit card accounts. This change has resulted in an increase in the minimum monthly payment requirement for some accounts. This change to the minimum payment calculation is likely to result in an increase in delinquencies and charge-offs on the credit card accounts, however, the potential impact cannot be determined with reasonable certainty at this time.

A periodic finance charge is imposed on the credit card accounts. The periodic finance charge imposed on balances for purchases and cash advances for a majority of the accounts is calculated by multiplying (1) the daily balances for each day during the billing cycle by (2) the applicable daily periodic finance charge rate, and summing the results for each day in the billing period. The daily balance is calculated by taking the previous day's balance, adding any new purchases or cash advances and fees, adding the daily finance charge on the previous day's balance, and subtracting any payments or credits. Cash advances are included in the daily balance from the date the advances are made. Purchases are included in the daily balance generally from the date of purchase. Periodic finance charges are not imposed in most circumstances on purchase amounts if all balances shown in the previous billing statement are paid in full by the due date indicated on the statement.

The periodic finance charge imposed on balances in most credit card accounts for purchases is currently the Prime Rate, as published in The Wall Street Journal, plus a percentage ranging from 4.99% to 11.99%. As of the date of this Form 8-K, the periodic finance charge on balances in most accounts for purchases ranged from 12.99% to 19.99%. The periodic finance charge imposed on balances in most credit card accounts for cash advances is currently the greater of 19.99% or the sum of the Prime Rate and 14.99%. If a cardholder defaults under their credit card agreement, the periodic finance charge assessed on all balances in their account can be increased to the Prime Rate plus up to 23.99%. Promotional rates are offered from time to time to attract new cardholders and to promote balance transfers from other credit card issuers and the periodic finance charge on a limited number of accounts may be greater or less than those generally assessed on the accounts.

The periodic finance charge on accounts may be changed at any time by providing prior written notice to cardholders. Any increase in the finance charge will become effective upon the earlier of subsequent use of a card and the expiration of a 25-day period from the date the change was made effective -- assuming failure on the part of the cardholder to object to the new rate.

The Banks from time to time transfer credit card receivables to the master trust in lump additions by designating additional accounts to the master trust. The table below presents the date, amount and percentage of the master trust portfolio of those lump additions since January 2003 (calculated based on the principal amount of the lump addition and the balance of principal receivables in the master trust as of the end of its monthly reporting period immediately preceding the specified lump addition date).

						Percentage
			Amount of	Amount of		of Outstanding
			Finance Charge	Principal	Total	Principal
	Lump Addition Date		Receivables	Receivables	Receivables	Receivables

March 29, 2003		$35,699,052		$2,733,277,210	$2,768,976,262	3.78%
April 26, 2003		$28,126,124		$2,765,035,614	$2,793,161,738	3.73%
May 24, 2003		$31,055,085		$2,234,096,925	$2,265,152,010	3.01%
November 29, 2003		$37,827,076		$3,577,388,855	$3,615,215,931	4.80%
June 26, 2004		$23,508,959		$1,789,169,389	$1,812,678,348	2.40%
August 28, 2004		$12,116,236		$895,267,002	$907,383,238	1.18%
March 26, 2005		$32,963,756		$2,393,028,822	$2,425,992,578	3.12%
May 28, 2005		$36,369,045		$2,577,395,775	$2,613,764,820	3.45%
July 30, 2005		$5,511,695		$648,060,732	$653,572,427	0.86%
August 27, 2005		$18,281,747		$3,275,634,111	$3,293,915,858	4.36%
November 26, 2005		$8,898,140		$1,159,528,972	$1,168,427,112	1.55%
February 25, 2006		$24,569,274		$1,878,564,812	$1,903,134,086	2.55%

"eligible accounts" An "eligible account" is defined to mean a revolving credit card account owned by Citibank (South Dakota), any additional seller or any other affiliate thereof which, as of the master trust cut-off date with respect to an initial account or as of the additional cut-off date with respect to an additional account: (a) is in existence and maintained by Citibank (South Dakota), the additional seller or the other affiliate; (b) is payable in United States dollars; (c) in the case of the initial accounts, has a cardholder who has provided, as his most recent billing address, an address located in the United States or its territories or possessions or a military address; (d) has a cardholder who has not been identified by Citibank (South Dakota), the additional seller or the other affiliate in its computer files as being involved in a voluntary or involuntary bankruptcy proceeding; (e) has not been identified as an account with respect to which the related card has been lost or stolen; (f) has not been sold or pledged to any other party except for any sale to any seller, additional seller or other affiliate; (g) does not have receivables which have been sold or pledged to any other party other than any sale to any seller, additional seller or other affiliate; and (h) in the case of the initial accounts, is a VISA or MasterCard revolving credit card account.

"finance charge receivables" consist of all periodic finance charges, annual membership fees, cash advance fees and late charges on amounts charged for merchandise and services and some other fees designated by the Banks. In addition, some interchange attributed to cardholder charges for merchandise and services in the accounts will be treated as finance charge receivables.

"interchange" means interchange fees payable to Citibank (South Dakota) or any additional seller or other affiliate which has designated accounts to the master trust, in its capacity as credit card issuer, through VISA, MasterCard or any other similar entity or organization with respect to any other type of revolving credit card accounts included as accounts (except as otherwise provided in the initial assignment with respect to any such other type of accounts), in connection with cardholder charges for goods and services.

Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on the current expectations of Citibank (South Dakota), National Association and are subject to uncertainty and changes in circumstances. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. In particular, forward-looking statements contained herein are based on certain estimates of cardholder preferences, industry competition, general economic conditions and other matters which cannot be predicted with certainty. You should not put undue reliance on any forward-looking statements.

United States of America	46-0358360
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

701 East 60th Street, North
Sioux Falls, South Dakota	57117
(Address of principal executive offices)	(Zip Code)

	As of March 26, 2006	As of December 24, 2005	As of December 25, 2004	As of December 31, 2003

	Three Months Ended March 28, 2006	Year Ended December 27, 2005	Year Ended December 28, 2004	Year Ended December 31, 2003



Finance Charges and Fees Paid	$3,254,842	$12,271,731	$11,866,155	$11,461,816
Average Revenue Yield	17.38%	16.13%	15.38%	15.14%

	Percentage of Total Number of Accounts	Percentage of Total Outstanding Receivables
	Percentage of Total Number of Accounts	Percentage of Total Outstanding Receivables

California	13.04%	13.97%
New York	9.72%	9.42%
Florida	6.68%	6.32%
Texas	6.48%	8.40%
Illinois	4.95%	5.28%