<li class="parent-li">Reports
                                <i class="fa fa-cloud" style="font-size:10px;color:red;"></i> <ul>
                                    <li>Report1</li>
                                    <li>Report2</li>
                                    <li>Report3</li>
                                </ul>
                            </li>

$('parent-li').on("click", function(){
    $(this).next('ul').slideDown();
});