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)

Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474
(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: March 31, 2011

 

 

Item 1.		Schedule of Investments

Portfolio of Investments
RiverSource LaSalle International Real Estate Fund
March 31, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (99.5%)(c)

Issuer		Shares				Value(a)
Australia (21.4%)
Commonwealth Property Office Fund			1,724,670	(d)		$	1,533,897
Dexus Property Group			4,488,640				3,943,122
GPT Group			1,239,320	(d)			4,023,178
Westfield Group			788,906				7,618,106
Westfield Retail Trust			1,387,484				3,760,076
Total							20,878,379
Austria (1.2%)
Conwert Immobilien Invest SE			31,038				512,889
IMMOFINANZ AG			142,916	(b)			645,294
Total							1,158,183
Canada (5.0%)
Allied Properties Real Estate Investment Trust			6,677				151,515
Canadian Apartment Properties REIT			13,598				272,942
Canadian Real Estate Investment Trust			54,519				1,948,513
First Capital Realty, Inc.			62,748	(d)			1,038,141
Northern Property Real Estate Investment Trust Unit			13,079				411,459
RioCan Real Estate Investment Trust			40,930				1,074,861
Total							4,897,431
Finland (0.7%)
Sponda OYJ			111,189	(d)			631,884
France (9.7%)
ICADE			4,287				529,057
Klepierre			47,665				1,934,655
Mercialys SA			9,145				364,508
Societe Immobiliere de Location pour l’Industrie et le Commerce			9,078				1,272,382
Unibail-Rodamco SE			24,557				5,319,512
Total							9,420,114
Hong Kong (5.8%)
Champion REIT			1,115,000				647,013
Great Eagle Holdings Ltd.			86,068	(d)			287,412
Hang Lung Properties Ltd.			94,000				412,281
Hongkong Land Holdings Ltd.			415,141				2,907,685
Hysan Development Co., Ltd.			267,368				1,099,667
Kerry Properties Ltd.			55,000				275,117
Total							5,629,175
Italy (1.3%)
Beni Stabili SpA			1,172,207				1,218,528
Japan (8.3%)
Aeon Mall Co., Ltd.			56,300				1,207,329
Japan Real Estate Investment Corp.			102				966,325
Kenedix Realty Investment Corp.			109				448,923

Issuer		Shares				Value(a)
Mitsubishi Estate Co., Ltd.			110,821				1,872,770
Mitsui Fudosan Co., Ltd.			74,000				1,216,445
Nippon Building Fund, Inc.			189	(d)			1,842,381
Tokyu REIT, Inc.			81				500,454
Total							8,054,627
Jersey (1.3%)
Atrium European Real Estate Ltd.			197,558				1,237,508
Netherlands (5.6%)
Corio NV			33,007				2,308,938
Vastned Retail NV			15,730				1,151,410
Wereldhave NV			18,552				1,981,356
Total							5,441,704
Singapore (6.1%)
CapitaCommercial Trust			1,381,000				1,520,990
CapitaLand Ltd.			775,000				2,028,834
Keppel Land Ltd.			265,000				943,167
Suntec Real Estate Investment Trust			1,161,139				1,419,395
Total							5,912,386
Sweden (1.5%)
Castellum AB			49,451				719,213
Wihlborgs Fastigheter AB			24,364				725,682
Total							1,444,895
Switzerland (1.9%)
PSP Swiss Property AG			21,942	(b)			1,807,199
United Kingdom (12.2%)
Big Yellow Group PLC			142,992				758,585
British Land Co. PLC			299,330				2,653,022
Capital Shopping Centres Group PLC			91,159				560,088
Derwent London PLC			31,972				842,686
Hammerson PLC			237,993				1,706,211
Helical Bar PLC			47,216				205,114
Land Securities Group PLC			155,324				1,827,667
Metric Property Investments PLC			76,616	(b)			134,276
Minerva PLC			211,468	(b)			313,794
Segro PLC			371,183				1,914,376
Shaftesbury PLC			118,419				898,737
Total							11,814,556
United States (17.5%)
AvalonBay Communities, Inc.			13,187				1,583,495
BioMed Realty Trust, Inc.			77,071				1,465,890
Boston Properties, Inc.			13,559				1,286,071
Corporate Office Properties Trust			42,050				1,519,687
DiamondRock Hospitality Co.			49,314				550,837
Douglas Emmett, Inc.			15,880				297,750
EastGroup Properties, Inc.			28,083	(d)			1,234,810
Equity One, Inc.			34,805				653,290
Equity Residential			29,190				1,646,608
Extra Space Storage, Inc.			76,526				1,584,853
Federal Realty Investment Trust			9,773				797,086

Issuer		Shares				Value(a)
Plum Creek Timber Co., Inc.			9,064				395,281
Senior Housing Properties Trust			46,843				1,079,263
Simon Property Group, Inc.			16,400				1,757,424
Taubman Centers, Inc.			23,795				1,274,936
Total							17,127,281
Total Common Stocks (Cost: $87,823,011)						$	96,673,850

Money Market Fund (2.1%)

		Shares				Value(a)
Columbia Short-Term Cash Fund, 0.229%			2,088,482	(e)		$	2,088,482
Total Money Market Fund (Cost: $2,088,482)						$	2,088,482

Investments of Cash Collateral Received for Securities on Loan (4.7%)

		Effective				Principal
Issuer		yield				amount				Value(a)
Repurchase Agreements(f)
Goldman Sachs & Co. dated 03-31-11, matures 04-01-11, repurchase price $2,520,514			0.160	%		$	2,520,503			$	2,520,503
Merrill Lynch Pierce Fenner & Smith, Inc. dated 03-31-11, matures 04-01-11, repurchase price $2,000,010			0.180				2,000,000				2,000,000
Total											4,520,503
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $4,520,503)										$	4,520,503
Total Investments in Securities
(Cost: $94,431,996)(g)										$	103,282,835

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.

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 March 31, 2011:

		Percentage of net
Industry		assets				Value(a)
Real Estate Investment Trusts (REITs)(1)			78.8	%		$	76,586,425
Real Estate Management & Development			20.7				20,087,425
Other(2)			6.8				6,608,985
Total						$	103,282,835

Notes to Portfolio of Investments

Goldman Sachs & Co. (0.160%)

Security Description		Value (a)
Government National Mortgage Association		$	2,570,913
Total Market Value of Collateral Securities		$	2,570,913

Merrill Lynch Pierce Fenner & Smith, Inc. (0.180%)

Security Description		Value (a)
Fannie Mae REMICS		$	581,320
Freddie Mac REMICS			434,077
Government National Mortgage Association			1,024,603
Total Market Value of Collateral Securities		$	2,040,000

Unrealized appreciation		$	9,916,000
Unrealized depreciation			(1,065,000	)
Net unrealized appreciation		$	8,851,000

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 (including 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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Valuation of securities in the most recent Annual Report dated Dec. 31, 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 March 31, 2011:

		Fair value at March 31, 2011
		Level 1				Level 2
		quoted prices				other				Level 3
		in active				significant				significant
		markets for				observable				unobservable
Description(a)		identical assets				inputs(b)				inputs				Total
Equity Securities
Common Stocks
Real Estate Investment Trusts (REITs)		$	20,986,571			$	55,599,854			$	—			$	76,586,425
Real Estate Management & Development			1,038,141				19,049,284				—				20,087,425
Total Equity Securities			22,024,712				74,649,138				—				96,673,850
Other
Affiliated Money Market Fund(c)			2,088,482				—				—				2,088,482
Investments of Cash Collateral Received for Securities on Loan			—				4,520,503				—				4,520,503
Total Other			2,088,482				4,520,503				—				6,608,985
Total		$	24,113,194			$	79,169,641			$	—			$	103,282,835

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.

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.