N-Q

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 811-21852

RIVERSOURCE SERIES TRUST

(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: 04/30

Date of reporting period: 07/31

Investments in Affiliated Funds
RiverSource Retirement Plus 2010 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (53.4%)

	Shares		Value(a)
International (3.1%)
RiverSource Disciplined International Equity Fund		38,291	$	253,106
U.S. Large Cap (44.9%)
RiverSource Disciplined Equity Fund		629,625		2,726,278
RiverSource Disciplined Large Cap Growth Fund		38,542		272,879
RiverSource Disciplined Large Cap Value Fund		89,620		638,092
Total				3,637,249
U.S. Small Mid Cap (5.4%)
RiverSource Disciplined Small and Mid Cap Equity Fund		69,660		436,770
Total Equity Funds
(Cost: $4,832,379)			$	4,327,125

Fixed Income Funds (38.8%)

	Shares		Value(a)
Global Bond (0.9%)
RiverSource Global Bond Fund		10,647	$	72,505
High Yield (0.4%)
RiverSource High Yield Bond Fund		11,997		29,631
Inflation Protected Securities (5.4%)
RiverSource Inflation Protected Securities Fund		44,758		436,386
International (8.4%)
RiverSource Emerging Markets Bond Fund		71,369		682,283
Investment Grade (23.7%)
RiverSource Diversified Bond Fund		407,687		1,920,208
Total Fixed Income Funds
(Cost: $3,084,857)			$	3,141,013

Alternative Investments (4.1%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		33,786	$	333,802
Total Alternative Investments
(Cost: $331,325)			$	333,802

Cash Equivalents (4.1%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		328,417	$	328,417
Total Cash Equivalents
(Cost: $328,417)			$	328,417
Total Investments in Affiliated Funds (Cost: $8,576,978)(b)			$	8,130,357

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $8,577,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	306,000
Unrealized depreciation		(753,000	)
Net unrealized depreciation	$	(447,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	8,130,357	$	—	$	—	$	8,130,357

Investments in Affiliated Funds
RiverSource Retirement Plus 2015 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (62.2%)

	Shares		Value(a)
International (7.0%)
RiverSource Disciplined International Equity Fund		211,137	$	1,395,614
U.S. Large Cap (49.2%)
RiverSource Disciplined Equity Fund		1,776,658		7,692,930
RiverSource Disciplined Large Cap Growth Fund		88,007		623,090
RiverSource Disciplined Large Cap Value Fund		208,938		1,487,636
Total				9,803,656
U.S. Small Mid Cap (6.0%)
RiverSource Disciplined Small and Mid Cap Equity Fund		189,607		1,188,837
Total Equity Funds (Cost: $11,467,630)			$	12,388,107

Fixed Income Funds (33.8%)

	Shares		Value(a)
Global Bond (2.9%)
RiverSource Global Bond Fund		84,046	$	572,357
High Yield (0.3%)
RiverSource High Yield Bond Fund		24,043		59,386
Inflation Protected Securities (5.3%)
RiverSource Inflation Protected Securities Fund		109,134		1,064,058
International (6.4%)
RiverSource Emerging Markets Bond Fund		133,444		1,275,723
Investment Grade (18.9%)
RiverSource Diversified Bond Fund		798,567		3,761,251
Total Fixed Income Funds (Cost: $6,477,938)			$	6,732,775

Alternative Investments (2.0%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		39,777	$	392,995
Total Alternative Investments (Cost: $388,602)			$	392,995

Cash Equivalents (1.9%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		387,430	$	387,430
Total Cash Equivalents (Cost: $387,430)			$	387,430
Total Investments in Affiliated Funds (Cost: $18,721,600)(b)			$	19,901,307

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $18,722,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,179,000
Unrealized depreciation		—
Net unrealized appreciation	$	1,179,000

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	19,901,307	$	—	$	—	$	19,901,307

Investments in Affiliated Funds
RiverSource Retirement Plus 2020 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (68.1%)

	Shares		Value(a)
International (10.4%)
RiverSource Disciplined International Equity Fund		326,438	$	2,157,752
U.S. Large Cap (51.7%)
RiverSource Disciplined Equity Fund		2,037,152		8,820,870
RiverSource Disciplined Large Cap Growth Fund		91,953		651,030
RiverSource Disciplined Large Cap Value Fund		185,469		1,320,537
Total				10,792,437
U.S. Small Mid Cap (6.0%)
RiverSource Disciplined Small and Mid Cap Equity Fund		200,049		1,254,308
Total Equity Funds (Cost: $18,215,020)			$	14,204,497

Fixed Income Funds (30.3%)

	Shares		Value(a)
Global Bond (2.9%)
RiverSource Global Bond Fund		88,139	$	600,225
High Yield (0.3%)
RiverSource High Yield Bond Fund		24,780		61,206
Inflation Protected Securities (5.7%)
RiverSource Inflation Protected Securities Fund		122,392		1,193,324
International (6.1%)
RiverSource Emerging Markets Bond Fund		132,618		1,267,827
Investment Grade (15.3%)
RiverSource Diversified Bond Fund		677,429		3,190,694
Total Fixed Income Funds (Cost: $6,230,072)			$	6,313,276

Alternative Investments (0.9%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		19,269	$	190,373
Total Alternative Investments (Cost: $190,436)			$	190,373

Cash Equivalents (0.9%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		187,608	$	187,608
Total Cash Equivalents (Cost: $187,608)			$	187,608
Total Investments in Affiliated Funds (Cost: $24,823,136)(b)			$	20,895,754

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $24,823,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	624,000
Unrealized depreciation		(4,551,000	)
Net unrealized depreciation	$	(3,927,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	20,895,754	$	—	$	—	$	20,895,754

Investments in Affiliated Funds
RiverSource Retirement Plus 2025 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (73.4%)

	Shares		Value(a)
International (12.3%)
RiverSource Disciplined International Equity Fund		437,260	$	2,890,286
U.S. Large Cap (54.3%)
RiverSource Disciplined Equity Fund		2,547,861		11,032,240
RiverSource Disciplined Large Cap Growth Fund		102,144		723,183
RiverSource Disciplined Large Cap Value Fund		137,917		981,967
Total				12,737,390
U.S. Small Mid Cap (6.8%)
RiverSource Disciplined Small and Mid Cap Equity Fund		254,359		1,594,828
Total Equity Funds (Cost: $22,966,211)			$	17,222,504

Fixed Income Funds (24.9%)

	Shares		Value(a)
Global Bond (1.3%)
RiverSource Global Bond Fund		44,292	$	301,631
High Yield (0.1%)
RiverSource High Yield Bond Fund		9,825		24,269
Inflation Protected Securities (7.1%)
RiverSource Inflation Protected Securities Fund		170,568		1,663,039
International (4.3%)
RiverSource Emerging Markets Bond Fund		106,481		1,017,958
Investment Grade (12.1%)
RiverSource Diversified Bond Fund		603,006		2,840,157
Total Fixed Income Funds (Cost: $5,769,089)			$	5,847,054

Alternative Investments (0.9%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		21,497	$	212,386
Total Alternative Investments (Cost: $212,281)			$	212,386

Cash Equivalents (0.9%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		209,285	$	209,285
Total Cash Equivalents (Cost: $209,285)			$	209,285
Total Investments in Affiliated Funds (Cost: $29,156,866)(b)			$	23,491,229

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $29,157,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	651,000
Unrealized depreciation		(6,317,000	)
Net unrealized depreciation	$	(5,666,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	23,491,229	$	—	$	—	$	23,491,229

Investments in Affiliated Funds
RiverSource Retirement Plus 2030 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (73.3%)

	Shares		Value(a)
International (12.7%)
RiverSource Disciplined International Equity Fund		489,039	$	3,232,545
U.S. Large Cap (53.6%)
RiverSource Disciplined Equity Fund		2,709,682		11,732,925
RiverSource Disciplined Large Cap Growth Fund		109,259		773,551
RiverSource Disciplined Large Cap Value Fund		149,416		1,063,838
Total				13,570,314
U.S. Small Mid Cap (7.0%)
RiverSource Disciplined Small and Mid Cap Equity Fund		283,428		1,777,097
Total Equity Funds (Cost: $23,574,107)			$	18,579,956

Fixed Income Funds (25.0%)

	Shares		Value(a)
Global Bond (1.3%)
RiverSource Global Bond Fund		48,409	$	329,663
High Yield (0.1%)
RiverSource High Yield Bond Fund		10,584		26,142
Inflation Protected Securities (7.1%)
RiverSource Inflation Protected Securities Fund		185,338		1,807,042
International (4.3%)
RiverSource Emerging Markets Bond Fund		114,877		1,098,227
Investment Grade (12.2%)
RiverSource Diversified Bond Fund		654,928		3,084,712
Total Fixed Income Funds (Cost: $6,200,369)			$	6,345,786

Alternative Investments (0.8%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		21,375	$	211,189
Total Alternative Investments (Cost: $210,504)			$	211,189

Cash Equivalents (0.8%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		208,142	$	208,142
Total Cash Equivalents (Cost: $208,142)			$	208,142
Total Investments in Affiliated Funds (Cost: $30,193,122)(b)			$	25,345,073

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $30,193,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	740,000
Unrealized depreciation		(5,588,000	)
Net unrealized depreciation	$	(4,848,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	25,345,073	$	—	$	—	$	25,345,073

Investments in Affiliated Funds
RiverSource Retirement Plus 2035 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (73.4%)

	Shares		Value(a)
International (12.6%)
RiverSource Disciplined International Equity Fund		315,113	$	2,082,900
U.S. Large Cap (54.0%)
RiverSource Disciplined Equity Fund		1,781,094		7,712,139
RiverSource Disciplined Large Cap Growth Fund		71,970		509,545
RiverSource Disciplined Large Cap Value Fund		96,776		689,045
Total				8,910,729
U.S. Small Mid Cap (6.8%)
RiverSource Disciplined Small and Mid Cap Equity Fund		178,290		1,117,879
Total Equity Funds (Cost: $15,690,476)			$	12,111,508

Fixed Income Funds (24.9%)

	Shares		Value(a)
Global Bond (1.3%)
RiverSource Global Bond Fund		31,065	$	211,552
High Yield (0.1%)
RiverSource High Yield Bond Fund		6,922		17,096
Inflation Protected Securities (7.1%)
RiverSource Inflation Protected Securities Fund		119,992		1,169,917
International (4.3%)
RiverSource Emerging Markets Bond Fund		74,905		716,087
Investment Grade (12.1%)
RiverSource Diversified Bond Fund		423,315		1,993,812
Total Fixed Income Funds (Cost: $4,042,437)			$	4,108,464

Alternative Investments (0.9%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		15,385	$	152,006
Total Alternative Investments (Cost: $152,056)			$	152,006

Cash Equivalents (0.9%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		149,786	$	149,786
Total Cash Equivalents (Cost: $149,786)			$	149,786
Total Investments in Affiliated Funds (Cost: $20,034,755)(b)			$	16,521,764

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $20,035,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	459,000
Unrealized depreciation		(3,972,000	)
Net unrealized depreciation	$	(3,513,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	16,521,764	$	—	$	—	$	16,521,764

Investments in Affiliated Funds
RiverSource Retirement Plus 2040 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (73.4%)

	Shares		Value(a)
International (12.3%)
RiverSource Disciplined International Equity Fund		212,808	$	1,406,659
U.S. Large Cap (53.7%)
RiverSource Disciplined Equity Fund		1,222,930		5,295,288
RiverSource Disciplined Large Cap Growth Fund		49,374		349,569
RiverSource Disciplined Large Cap Value Fund		66,882		476,199
Total				6,121,056
U.S. Small Mid Cap (7.4%)
RiverSource Disciplined Small and Mid Cap Equity Fund		134,938		846,060
Total Equity Funds (Cost: $10,306,113)			$	8,373,775

Fixed Income Funds (25.5%)

	Shares		Value(a)
Global Bond (1.3%)
RiverSource Global Bond Fund		21,999	$	149,812
High Yield (0.1%)
RiverSource High Yield Bond Fund		4,791		11,833
Inflation Protected Securities (7.3%)
RiverSource Inflation Protected Securities Fund		85,334		832,010
International (4.3%)
RiverSource Emerging Markets Bond Fund		51,825		495,446
Investment Grade (12.5%)
RiverSource Diversified Bond Fund		301,527		1,420,191
Total Fixed Income Funds (Cost: $2,848,590)			$	2,909,292

Alternative Investments (0.6%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		7,482	$	73,926
Total Alternative Investments (Cost: $73,769)			$	73,926

Cash Equivalents (0.6%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		72,904	$	72,904
Total Cash Equivalents (Cost: $72,904)			$	72,904
Total Investments in Affiliated Funds (Cost: $13,301,376)(b)			$	11,429,897

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $13,301,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	330,000
Unrealized depreciation		(2,201,000	)
Net unrealized depreciation	$	(1,871,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	11,429,897	$	—	$	—	$	11,429,897

Investments in Affiliated Funds
RiverSource Retirement Plus 2045 Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds (73.6%)

	Shares		Value(a)
International (11.9%)
RiverSource Disciplined International Equity Fund		193,016	$	1,275,837
U.S. Large Cap (54.7%)
RiverSource Disciplined Equity Fund		1,172,007		5,074,792
RiverSource Disciplined Large Cap Growth Fund		46,409		328,577
RiverSource Disciplined Large Cap Value Fund		62,885		447,743
Total				5,851,112
U.S. Small Mid Cap (7.0%)
RiverSource Disciplined Small and Mid Cap Equity Fund		119,210		747,447
Total Equity Funds (Cost: $8,895,014)			$	7,874,396

Fixed Income Funds (25.0%)

	Shares		Value(a)
Global Bond (1.3%)
RiverSource Global Bond Fund		20,906	$	142,368
High Yield (0.1%)
RiverSource High Yield Bond Fund		4,495		11,104
Inflation Protected Securities (7.1%)
RiverSource Inflation Protected Securities Fund		77,405		754,698
International (4.3%)
RiverSource Emerging Markets Bond Fund		48,669		465,279
Investment Grade (12.2%)
RiverSource Diversified Bond Fund		275,622		1,298,180
Total Fixed Income Funds (Cost: $2,588,667)			$	2,671,629

Alternative Investments (0.9%)

	Shares		Value(a)
RiverSource Absolute Return Currency and Income Fund		9,243	$	91,323
Total Alternative Investments (Cost: $91,097)			$	91,323

Cash Equivalents (0.8%)

	Shares		Value(a)
Money Market
RiverSource Cash Management Fund		90,006	$	90,006
Total Cash Equivalents (Cost: $90,006)			$	90,006
Total Investments in Affiliated Funds (Cost: $11,664,784)(b)			$	10,727,354

Notes to Investments in Affiliated Funds

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $11,665,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	323,000
Unrealized depreciation		(1,261,000	)
Net unrealized depreciation	$	(938,000	)

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Investments in Affiliated Funds	$	10,727,354	$	—	$	—	$	10,727,354

Portfolio of Investments
RiverSource 120/20 Contrarian Equity Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)
Investments in Securities

Common Stocks (91.2%)
Issuer	Shares			Value(a)
Aerospace & Defense (0.6%)
Spirit AeroSystems Holdings Cl A		18,285	(b)	$	237,888
Airlines (0.7%)
AMR		16,672	(b)		89,195
Delta Air Lines		21,150	(b)		146,570
US Airways Group		16,669	(b)		48,840
Total					284,605
Capital Markets (1.0%)
Bank of New York Mellon		13,933			380,928
Chemicals (3.5%)
Dow Chemical		25,167			532,785
EI du Pont de Nemours & Co		25,422			786,303
Total					1,319,088
Commercial Services & Supplies (1.0%)
Ritchie Bros Auctioneers		16,559	(c)		397,416
Communications Equipment (3.2%)
Brocade Communications Systems		46,932	(b)		368,886
Cisco Systems		38,755	(b)		852,997
Total					1,221,883
Computers & Peripherals (3.3%)
Hewlett-Packard		28,797			1,246,910
Construction Materials (1.2%)
CEMEX ADR		48,454	(b,c)		454,983
Consumer Finance (1.1%)
SLM		47,306	(b)		420,550
Diversified Financial Services (3.3%)
Bank of America		72,238			1,068,400
CIT Group		89,497			77,862
PICO Holdings		4,215	(b)		127,841
Total					1,274,103
Diversified Telecommunication Services (1.3%)
Qwest Communications Intl		132,065			509,771
Electrical Equipment (1.0%)
Cooper Inds Cl A		11,606			382,418
Energy Equipment & Services (5.8%)

Issuer	Shares			Value(a)
Baker Hughes		10,295			416,948
Cameron Intl		12,412	(b)		387,627
Halliburton		15,378			339,700
Transocean		9,344	(b,c)		744,622
Weatherford Intl		16,656	(b,c)		312,467
Total					2,201,364
Food & Staples Retailing (2.7%)
CVS Caremark		30,318			1,015,047
Health Care Providers & Services (1.2%)
Universal Health Services Cl B		7,911			439,931
Household Products (2.1%)
Clorox		12,886			786,175
Insurance (8.8%)
ACE		17,495	(c)		858,305
Chubb		11,464			529,408
Everest Re Group		10,160	(c)		815,035
XL Capital Cl A		83,369	(c)		1,173,835
Total					3,376,583
Life Sciences Tools & Services (2.2%)
Life Technologies		9,642	(b)		439,000
Thermo Fisher Scientific		8,657	(b)		391,989
Total					830,989
Machinery (7.6%)
Caterpillar		10,642			468,887
Deere & Co		14,570			637,292
Eaton		8,132			422,213
Ingersoll-Rand		17,108	(c)		494,079
Parker Hannifin		19,696			872,139
Total					2,894,610
Media (3.5%)
Natl CineMedia		49,084			722,025
Regal Entertainment Group Cl A		48,545			603,900
Total					1,325,925
Metals & Mining (3.5%)
Freeport-McMoRan Copper & Gold		14,197			856,079
Nucor		10,473			465,734
Total					1,321,813
Multiline Retail (1.8%)
Kohl’s		14,190	(b)		688,925
Multi-Utilities (2.6%)
Sempra Energy		18,601			975,250
Oil, Gas & Consumable Fuels (4.6%)
Enbridge		17,652	(c)		685,604
Southwestern Energy		16,326	(b)		676,386
Suncor Energy		11,746	(c)		381,510
Total					1,743,500

Issuer	Shares			Value(a)
Pharmaceuticals (6.1%)
Bristol-Myers Squibb		27,259			592,611
Johnson & Johnson		8,833			537,841
Mylan		91,420	(b)		1,205,830
Total					2,336,282
Semiconductors & Semiconductor Equipment (3.4%)
Intel		43,035			828,423
Micron Technology		71,922	(b)		459,582
Total					1,288,005
Software (6.2%)
Microsoft		37,504			882,094
Oracle		52,143			1,153,924
Symantec		21,776	(b)		325,116
Total					2,361,134
Specialty Retail (2.1%)
Bed Bath & Beyond		13,555	(b)		471,037
Best Buy		8,920			333,340
Total					804,377
Tobacco (3.8%)
Lorillard		19,816			1,460,836
Trading Companies & Distributors (2.0%)
WW Grainger		8,457			760,369
Total Common Stocks (Cost: $41,144,323)				$	34,741,658

Equity-Linked Notes (4.5%)(f)
	Coupon			Principal
Issuer	rate			amount			Value(a)
Goldman Sachs Group
Absolute Trigger Mandatory Exchangeable Nts
12-28-09		—	%	$	1,600,000	(e)	$	1,702,397
Total Bonds (Cost: $1,600,000)							$	1,702,397

Money Market Fund (3.5%)
	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.41%		1,343,729	(d)	$	1,343,729
Total Money Market Fund (Cost: $1,343,729)				$	1,343,729
Total Investments in Securities (Cost: $44,088,052)(g)				$	37,787,784

Investments in Derivatives

Total Return Swap Contracts Outstanding at July 31, 2009

			Expiration	Notional		Unrealized		Unrealized
Counterparty	Fund receives	Fund pays	date	amount		appreciation		depreciation
JPMorgan Chase Bank, N.A.	Total return on a custom basket of airline industry securities	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009	$	258,924	$	39,672	$	—
JPMorgan Chase Bank, N.A.	Total return on a custom basket of securities in the Dow Jones U.S. Oil & Gas Index	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009		639,170		24,483		—
JPMorgan Chase Bank, N.A.	Total return on a custom basket of securities in the S&P North American Technology Semiconductor Index	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009		1,145,316		29,909		—
JPMorgan Chase Bank, N.A.	Floating rate based on 1-month LIBOR less 0.65%	Total return on a custom basket of securities in the S&P Small Cap 600 Index	Nov. 25, 2009		1,649,527		—		(46,998	)
JPMorgan Chase Bank, N.A.	Total return on a custom basket of securities in the Russell 1000 Growth Index	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009		1,420,540		59,461		—
JPMorgan Chase Bank, N.A.	Floating rate based on 1-month LIBOR less 0.65%	Total return on a custom basket of securities in the Dow Jones U.S. Industrials Index	Nov. 25, 2009		1,532,640		—		(69,728	)
JPMorgan Chase Bank, N.A.	Total return on a custom basket of securities in the S&P 100 Index	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009		651,340		20,053		—
JPMorgan Chase Bank, N.A.	Total return on a custom basket of securities in the following sectors:	Floating rate based on 1-month LIBOR plus 0.30%	Nov. 25, 2009		1,622,905		78,390		—
	industrials, energy, information technology, financials, consumer discretionary, health care, consumer staples, materials, utilities, and telecommunication services
JPMorgan Chase Bank, N.A.	Floating rate based on 1-month LIBOR less 0.65%	Total return on a custom basket of securities in the Utilities Select Sector Index	Nov. 25, 2009		1,416,328		—		(33,133	)
JPMorgan Chase Bank, N.A.	Floating rate based on 1-month LIBOR less 0.65%	Total return on a custom basket of consumer staples sector securities	Nov. 25, 2009		1,492,624		—		(29,251	)
Total						$	251,968	$	(179,110	)

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At July 31, 2009, the value of foreign securities represented 16.6% of net assets.

(d)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at July 31, 2009.
(e)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at July 31, 2009 was $1,702,397, representing 4.5% of net assets. Information concerning such security holdings at July 31, 2009 is as follows:

	Acquisition
Security	dates		Cost
Goldman Sachs Group
—% Absolute Trigger Mandatory Exchangeable Nts 2009		05-18-09	$	1,600,000

(f)

Equity-Linked Notes (ELNs) are notes created by a counterparty, typically an investment bank that may bear interest at a fixed or floating rate. At maturity, the notes must be exchanged for an amount based on the value of one or more equity securities of third party issuers or the value of an index. The exchanged value may be limited to an amount less than the actual value of the underlying stocks or value of an index at the maturity date. Any difference between the exchange amount and the original cost of the notes will be a gain or loss.

(g)

At July 31, 2009, the cost of securities for federal income tax purposes was approximately $44,088,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,881,000
Unrealized depreciation		(8,181,000	)
Net unrealized depreciation	$	(6,300,000	)

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.

Fair Value Measurements

Statement of Financial Accounting Standards No. 157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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 1 to the financial statements — Valuation of securities in the most recent Annual report dated April 30, 2009.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
	1		2		3
Equity Securities
Common Stocks(a)	$	34,741,658	$	—	$	—	$	34,741,658
Total Equity Securities		34,741,658		—		—		34,741,658
Bonds
Corporate Debt Securities		—		1,702,397		—		1,702,397
Total Bonds		—		1,702,397		—		1,702,397
Other
Affiliated Money Market Fund(b)		1,343,729		—		—		1,343,729
Total Other		1,343,729		—		—		1,343,729
Investments in Securities		36,085,387		1,702,397		—		37,787,784
Other Financial Instruments(c)		—		72,858		—		72,858
Total	$	36,085,387	$	1,775,255	$	—	$	37,860,642

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at July 31, 2009.
(c)	Other financial instruments are derivative instruments, which are valued at the unrealized appreciation (depreciation) on the instrument. Derivative descriptions are located in the Investments in Derivatives section of the Portfolio of Investments.

Portfolio of Investments
RiverSource Recovery and Infrastructure Fund
July 31, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.6%)

Issuer	Shares			Value(a)
Aerospace & Defense (4.5%)
Boeing		56,255		$	2,413,902
Goodrich		34,017			1,747,113
Honeywell Intl		125,685			4,361,270
ITT		40,058			1,978,865
Total					10,501,150
Airlines (0.9%)
Delta Air Lines		290,339	(b)		2,012,049
Automobiles (3.0%)
Ford Motor		862,601	(b)		6,900,808
Chemicals (4.9%)
Dow Chemical		254,409			5,385,839
EI du Pont de Nemours & Co		58,474			1,808,601
Nalco Holding		241,264			4,267,960
Total					11,462,400
Communications Equipment (4.8%)
Harris		48,997			1,534,096
Telefonaktiebolaget LM Ericsson ADR		243,690	(c)		2,368,667
Tellabs		1,251,101	(b)		7,256,386
Total					11,159,149
Computers & Peripherals (2.1%)
EMC		323,287	(b)		4,868,702
Construction & Engineering (9.9%)
Chicago Bridge & Iron		198,503	(c)		2,769,117
Insituform Technologies Cl A		257,272	(b)		4,733,805
Jacobs Engineering Group		96,825	(b)		3,967,889
KBR		300,086			6,358,821
Quanta Services		137,973	(b)		3,216,151
Shaw Group		70,400	(b)		2,072,576
Total					23,118,359
Construction Materials (1.2%)
Martin Marietta Materials		16,293			1,402,338
Vulcan Materials		28,179			1,337,939
Total					2,740,277
Electrical Equipment (3.9%)
ABB ADR		420,683	(b,c)		7,690,086
Cooper Inds Cl A		40,094			1,321,097
Total					9,011,183
Electronic Equipment, Instruments & Components (10.7%)
Celestica		321,374	(b,c)		2,561,351
Coherent		161,581	(b)		3,170,219
Flextronics Intl		2,005,250	(b,c)		10,667,930
Newport		481,443	(b)		3,557,864
Sanmina-SCI		8,244,572	(b)		5,029,189
Total					24,986,553

Issuer	Shares			Value(a)
Energy Equipment & Services (8.8%)
Baker Hughes		121,053			4,902,647
Halliburton		315,370			6,966,523
Schlumberger		52,297			2,797,890
Transocean		72,976	(b,c)		5,815,457
Total					20,482,517
Health Care Equipment & Supplies (0.5%)
Teleflex		24,994			1,198,712
Health Care Technology (4.1%)
Allscripts-Misys Healthcare Solutions		156,671			2,699,441
Cerner		77,686	(b)		5,055,806
Quality Systems		34,451			1,891,015
Total					9,646,262
Industrial Conglomerates (4.0%)
McDermott Intl		209,678	(b)		4,097,108
Textron		132,095			1,775,357
Tyco Intl		111,511	(c)		3,369,862
Total					9,242,327
Life Sciences Tools & Services (0.7%)
PerkinElmer		93,743			1,652,689
Machinery (18.7%)
AGCO		125,502	(b)		3,948,293
Astec Inds		185,503	(b)		5,019,711
Caterpillar		129,676			5,713,525
CNH Global		23,516	(b,c)		413,176
Crane		72,057			1,529,050
Deere & Co		107,825			4,716,266
Eaton		30,446			1,580,756
ESCO Technologies		37,372	(b)		1,535,615
Ingersoll-Rand		218,095	(c)		6,298,583
Parker Hannifin		33,452			1,481,255
Terex		541,129	(b)		8,214,337
Trinity Inds		234,925			3,279,553
Total					43,730,120
Metals & Mining (7.2%)
Alcoa		721,164			8,480,889
Freeport-McMoRan Copper & Gold		136,837			8,251,271
Total					16,732,160
Multi-Utilities (0.7%)
Veolia Environnement ADR		44,696	(c)		1,537,989
Oil, Gas & Consumable Fuels (2.8%)
El Paso		504,351			5,073,771
Petroleo Brasileiro ADR		37,207	(c)		1,534,417
Total					6,608,188
Paper & Forest Products (0.2%)
Weyerhaeuser		12,071			422,968
Road & Rail (1.4%)
Burlington Northern Santa Fe		20,073			1,577,537
Union Pacific		30,844			1,774,147
Total					3,351,684

Issuer	Shares			Value(a)
Semiconductors & Semiconductor Equipment (3.6%)
Brooks Automation		563,101	(b)		3,339,189
Intel		258,706			4,980,090
Total					8,319,279
Total Common Stocks (Cost: $191,044,088)				$	229,685,525
Money Market Fund (1.9%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.41%		4,403,476	(d)	$	4,403,476
Total Money Market Fund (Cost: $4,403,476)				$	4,403,476
Total Investments in Securities (Cost: $195,447,564)(e)				$	234,089,001

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 1 to the financial statements in the most recent Annual Report dated April 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At July 31, 2009, the value of foreign securities represented 19.3% of net assets.
(d)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at July 31, 2009.
(e)	At July 31, 2009, the cost of securities for federal income tax purposes was approximately $195,448,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	38,691,000
Unrealized depreciation		(50,000	)
Net unrealized appreciation	$	38,641,000

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.

Fair Value Measurements

Statement of Financial Accounting Standards No.157 (SFAS 157) requires 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.

SFAS 157 establishes a fair value hierarchy for inputs used in measuring fair value 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. When a valuation uses multiple inputs from varying levels of the hierarchy, the hierarchy level is determined based on the lowest level input or inputs that are significant to the fair value measurement in its entirety. 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. 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 1 to the financial statements — Valuation of securities in the most recent Annual report dated April 30, 2009.

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 a valuation model may include, but are not limited to, financial statement analysis, 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 July 31, 2009:

	Fair value at July 31, 2009
	Level 1		Level 2		Level 3
	quoted prices		other
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks (a)	$	229,685,525	$	—	$	—	$	229,685,525
Total Equity Securities		229,685,525		—		—		229,685,525
Other
Affiliated Money Market Fund (b)		4,403,476		—		—		4,403,476
Total Other		4,403,476		—		—		4,403,476
Total	$	234,089,001	$	—	$	—	$	234,089,001

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at July 31, 2009.

Item 2. Control and Procedures.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes 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.

Separate certification for the Registrant’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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 Series Trust

By	/s/ Patrick T. Bannigan Patrick T. Bannigan
	President and Principal Executive Officer
Date	September 29, 2009

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/ Patrick T. Bannigan Patrick T. Bannigan
	President and Principal Executive Officer
Date	September 29, 2009
By	/s/ Jeffrey P. Fox Jeffrey P. Fox
	Treasurer and Principal Financial Officer
Date	September 29, 2009

EX-99.CERT

Certification Pursuant to
270.30a-2 of the Investment Company Act of 1940

I, Patrick T. Bannigan, certify that:

1.	I have reviewed this report on Form N-Q of RiverSource Series Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	September 24, 2009
	/s/ Patrick T. Bannigan
Name:	Patrick T. Bannigan
Title:	President and Principal Executive Officer

Certification Pursuant to
270.30a-2 of the Investment Company Act of 1940

I, Jeffrey P. Fox, certify that:

1.	I have reviewed this report on Form N-Q of RiverSource Series Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	September 24, 2009
	/s/ Jeffrey P. Fox
Name:	Jeffrey P. Fox
Title:	Treasurer and Chief Financial Officer