UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22031

RIVERSOURCE LASALLE INTERNATIONAL REAL ESTATE FUND, INC.

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota		55474
(Address of principal executive offices)		(Zip code)

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 671-1947

Date of fiscal year end: December 31

Date of reporting period: September 30, 2010

 

 

Item 1. Schedule of Investments

Portfolio of Investments
RiverSource LaSalle International Real Estate Fund
Sept. 30, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.5%)(c)

Issuer		Shares				Value(a)
Australia (20.1%)
CFS Retail Property Trust			807,440	(d)		$	1,478,841
Charter Hall Office REIT			378,706				893,087
Commonwealth Property Office Fund			1,521,927				1,353,267
Dexus Property Group			4,827,632	(d)			3,989,351
GPT Group			1,201,677	(d)			3,414,578
Westfield Group			638,888				7,570,371
Total							18,699,495
Canada (4.4%)
Canadian Real Estate Investment Trust			64,421				1,956,990
First Capital Realty, Inc.			58,402	(d)			879,976
Northern Property Real Estate Investment Trust			13,079				325,863
RioCan Real Estate Investment Trust			40,412				900,402
Total							4,063,231
Finland (0.8%)
Citycon OYJ			60,709	(d)			259,053
Sponda OYJ			91,743				445,261
Total							704,314
France (10.2%)
Klepierre			44,685				1,723,401
Mercialys SA			19,994	(d)			779,574
Societe Immobiliere de Location pour l’Industrie et le Commerce			6,909				892,078
Unibail-Rodamco SE			27,767				6,157,077
Total							9,552,130
Germany (0.9%)
Deutsche Euroshop AG			23,534				834,021
Hong Kong (8.0%)
Great Eagle Holdings Ltd.			257,068				785,249
Hongkong Land Holdings Ltd.			550,141	(d)			3,416,376
Hysan Development Co., Ltd.			354,368	(d)			1,269,727
Sino Land Co., Ltd.			138,000	(d)			285,651
Sun Hung Kai Properties Ltd.			44,000				759,921
The Link REIT			330,015	(d)			978,301
Total							7,495,225
Japan (9.9%)
Aeon Mall Co., Ltd.			71,800				1,745,324
Japan Real Estate Investment Corp.			191				1,736,780
Kenedix Realty Investment Corp.			128				484,581
Mitsubishi Estate Co., Ltd.			68,000				1,106,314
Mitsui Fudosan Co., Ltd.			78,000				1,315,730
Nippon Building Fund, Inc.			272				2,382,077
Tokyu REIT, Inc.			99				520,678
Total							9,291,484
Jersey (1.3%)
Atrium European Real Estate Ltd.			220,194				1,223,576

Issuer		Shares				Value(a)
Netherlands (6.0%)
Corio NV			44,373				3,033,761
Eurocommercial Properties NV			10,350				479,745
VastNed Retail NV			16,920				1,151,622
Wereldhave NV			9,508				922,913
Total							5,588,041
Norway (0.5%)
Norwegian Property ASA			292,831	(b)			505,680
Singapore (4.9%)
Ascendas Real Estate Investment Trust			567,276				944,885
CapitaLand Ltd.			656,000	(d)			2,025,677
CapitaMalls Asia Ltd.			379,000				622,635
Suntec Real Estate Investment Trust			874,139				1,003,917
Total							4,597,114
Sweden (2.6%)
Castellum AB			103,218	(d)			1,373,594
Hufvudstaden AB, Series A			32,826				354,003
Wihlborgs Fastigheter AB			26,077	(d)			718,049
Total							2,445,646
Switzerland (1.9%)
PSP Swiss Property AG			23,721	(b)			1,754,383
United Kingdom (11.1%)
Big Yellow Group PLC			123,196				631,637
British Land Co. PLC			448,305				3,274,520
Derwent London PLC			44,815				1,058,747
Hammerson PLC			246,670				1,527,792
Helical Bar PLC			42,190				197,226
Land Securities Group PLC			42,529				427,883
Metric Property Investments PLC			76,616	(b)			127,569
Minerva PLC			241,624	(b)			356,771
Segro PLC			375,315				1,609,458
Shaftesbury PLC			171,099				1,163,473
Total							10,375,076
United States (15.9%)
Acadia Realty Trust			28,537	(d)			542,203
AMB Property Corp.			43,700				1,156,739
AvalonBay Communities, Inc.			13,300				1,382,269
BioMed Realty Trust, Inc.			73,061	(d)			1,309,253
Camden Property Trust			22,777	(d)			1,092,613
Douglas Emmett, Inc.			81,414	(d)			1,425,559
Essex Property Trust, Inc.			1,787				195,569
Extra Space Storage, Inc.			28,873	(d)			463,123
Federal Realty Investment Trust			8,950				730,857
Host Hotels & Resorts, Inc.			33,741				488,570
Kilroy Realty Corp.			31,900	(d)			1,057,166
Public Storage			4,535				440,076
Senior Housing Properties Trust			44,542				1,046,737
Simon Property Group, Inc.			12,572				1,165,927

Issuer		Shares				Value(a)
SL Green Realty Corp.			4,743				300,374
Taubman Centers, Inc.			29,150	(d)			1,300,382
Ventas, Inc.			15,150				781,286
Total							14,878,703
Total Common Stocks (Cost: $85,818,608)						$	92,008,119

Money Market Fund (0.2%)

		Shares				Value(a)
Columbia Short-Term Cash Fund, 0.245%			147,052	(f)		$	147,052
Total Money Market Fund (Cost: $147,052)						$	147,052

Investments of Cash Collateral Received for Securities on Loan (14.9%)

		Effective				Principal
Issuer		yield				amount				Value(a)
Repurchase Agreements(e)
BNP Paribas Securities Corp. dated 09-30-10, matures 10-01-10, repurchase price $3,886,344			0.280	%		$	3,886,313			$	3,886,313
Cantor Fitzgerald & Co. dated 09-30-10, matures 10-01-10, repurchase price $5,000,053			0.380				5,000,000				5,000,000
Mizuho Securities USA, Inc. dated 09-30-10, matures 10-01-10, repurchase price $5,000,056			0.400				5,000,000				5,000,000
Total											13,886,313
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $13,886,313)										$	13,886,313
Total Investments in Securities (Cost: $99,851,973)(g)										$	106,041,484

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at Sept. 30, 2010:

		Percentage of net
Industry		assets				Value(a)
Real Estate Investment Trusts (REITs)(1)			74.7	%		$	69,773,922
Real Estate Management & Development			23.8				22,234,197
Other(2)			15.0				14,033,365
Total						$	106,041,484

(1)		Includes U.S. REITs as well as entities similar to REITs formed under the laws of non-U.S. countries.
(2)		Cash & Cash Equivalents.

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by, and is the exclusive property of, Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Investments in Derivatives

Forward Foreign Currency Contracts Open at Sept. 30, 2010

Unrealized

Unrealized

Counterparty

Exchange date

Currency to be delivered

Currency to be received

appreciation

depreciation

J.P. Morgan Securities, Inc.

Oct. 1, 2010

10,142

8,750

$

—

$

(82

)

(EUR)

(GBP)

Notes to Portfolio of Investments

(a)		Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2010.
(b)		Non-income producing.
(c)		Foreign security values are stated in U.S. dollars.
(d)		At Sept. 30, 2010, security was partially or fully on loan.
(e)		The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of

securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

BNP Paribas Securities Corp. (0.280%)

Security description		Value (a)
Fannie Mae Pool		$	2,497,561
Freddie Mac Gold Pool			408,703
Freddie Mac Non Gold Pool			419,729
Ginnie Mae I Pool			422,902
Ginnie Mae II Pool			215,145
Total market value of collateral securities		$	3,964,040

Cantor Fitzgerald & Co. (0.380%)

Security description		Value (a)
Fannie Mae Grantor Trust		$	9,917
Fannie Mae Interest Strip			24,434
Fannie Mae Pool			715,995
Fannie Mae Principal Strip			26,957
Fannie Mae REMICS			926,252
Fannie Mae Whole Loan			23,055
FHLMC Multifamily Structured Pass Through Certificates			8,278
FHLMC Structured Pass Through Securities			44,919
Freddie Mac Non Gold Pool			329,541
Freddie Mac Reference REMIC			4,117
Freddie Mac REMICS			228,693
Freddie Mac Strips			40,878
Ginnie Mae I Pool			128,198
Ginnie Mae II Pool			491,674
Government National Mortgage Association			519,260
United States Treasury Inflation Indexed Bonds			35,841
United States Treasury Note/Bond			1,318,682
United States Treasury Strip Coupon			179,511
United States Treasury Strip Principal			35,597
Cash Collateral In Lieu Of Securities			8,040
Total market value of collateral securities		$	5,099,839

Mizuho Securities USA, Inc. (0.400%)

Security description		Value (a)
Fannie Mae Pool		$	4,625,496
Freddie Mac Gold Pool			247,839
Freddie Mac Non Gold Pool			226,665
Total market value of collateral securities		$	5,100,000

(f)		Affiliated Money Market Fund — The Fund may invest its daily cash balance in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use of funds and other institutional clients of Columbia Management. The rate shown is the seven-day current annualized yield at Sept. 30, 2010.
(g)		At Sept. 30, 2010, the cost of securities for federal income tax purposes was approximately $99,852,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation		$	7,700,000
Unrealized depreciation			(1,511,000	)
Net unrealized appreciation		$	6,189,000

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

•		Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
•		Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
•		Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2010.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2010:

		Fair value at Sept. 30, 2010
		Level 1				Level 2
		quoted prices				other				Level 3
		in active				significant				significant
		markets for				observable				unobservable
Description(a)		identical assets(b)				inputs				inputs				Total
Equity Securities
Common Stocks		$	92,008,119			$	—			$	—			$	92,008,119
Total Equity Securities			92,008,119				—				—				92,008,119
Other
Affiliated Money Market Fund(c)			147,052				—				—				147,052
Investments of Cash Collateral Received for Securities on Loan			—				13,886,313				—				13,886,313
Total Other			147,052				13,886,313				—				14,033,365
Investments in Securities			92,155,171				13,886,313				—				106,041,484
Derivatives(d)
Liabilities
Forward Foreign Currency Contracts			—				(82	)			—				(82	)
Total		$	92,155,171			$	13,886,231			$	—			$	106,041,402

(a)		See the Portfolio of Investments for all investment classifications not indicated in the table.
(b)		Includes certain securities trading outside the U.S. whose values were adjusted at Dec. 31, 2009 as a result of significant market movements following the close of local trading, and were classified as Level 2. These values were not adjusted as of Sept. 30, 2010. Therefore, these investment securities were classified as Level 1 instead of Level 2 at Sept. 30, 2010. The amount of securities transferred out of Level 2 into Level 1 during the period was $44,375,090. Transfers between Levels 1 and 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.
(c)		Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2010.
(d)		Derivative instruments are valued at unrealized appreciation (depreciation).

Item 2. Control and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably 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 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

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.

(Registrant) RiverSource LaSalle International Real Estate Fund, Inc.

By		/s/ J. Kevin Connaughton   J. Kevin Connaughton
		President and Principal Executive Officer
Date		November 19, 2010

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/ J. Kevin Connaughton   J. Kevin Connaughton
		President and Principal Executive Officer
Date		November 19, 2010
By		/s/ Jeffrey P. Fox   Jeffrey P. Fox
		Treasurer and Principal Financial Officer
Date		November 19, 2010