Dedicated to Professor Giambattista Consiglio on the occasion of his 65th birthday A novel process to produce homo-and copolymers by RAFT polymerization in emulsion is presented. It is known that RAFT-controlled radical polymerization can be conducted in emulsion polymerization without disturbing the radical segregation characteristic of this process, thus leading to polymerization rates identical to those encountered in the corresponding nonliving systems. However, RAFT agents are often characterized by very low water solubility and, therefore, they diffuse very slowly from the monomer droplets, where they are initially solubilized, to the reaction loci, i.e., the polymer particles. Accordingly, when used in emulsion polymerization, they are practically excluded from the reaction. In this work, we show that cyclodextrins, well-known for their ability to form water-soluble complexes with hydrophobic molecules, facilitate the transport across the H 2 O phase of the RAFT agent to the polymer particles. Accordingly, chains grow through the entire process in a controlled way. This leads to the production of low-polydispersity polymers with well-defined structure and end functionalities as well as to the possibility of synthesizing block copolymers by a radical mechanism.1. Introduction. -Despite the recent progresses in living radical polymerization (LRP) by RAFT (reversible addition-fragmentation chain transfer), especially in terms of new RAFT agents and produced polymers [1 -3], its application to emulsion polymerization is far from being assessed. On one hand, it has been shown, based on kinetic arguments, that this is the only living mechanism that allows realizing a radical-segregated system where the polymerization rates for the living and the equivalent nonliving processes are identical [4 -6]. On the other hand, the application to conventional emulsion polymerization, i.e., the so-called ab initio polymerization, did not enjoy much success, and good results have been obtained only in mini-emulsion poly-Mini-emulsion polymerization is generally regarded as more complex than conventional emulsion polymerization, which remains the preferred way to carry out industrial polymerizations. However, the application of RAFT to ab initio emulsion polymerization is not straightforward, mainly because of the heterogeneous nature of the process and, specifically, of the partitioning of the RAFT agent among the three phases present in the system: the monomer droplets, the H 2 O phase, and the polymer particles. In this respect, to best achieve satisfactory living conditions in ab initio emulsion polymerization, the RAFT agent must satisfy three main requirements: i) it has to be fully trans-