Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-10491         

        Nuveen Real Estate Income Fund         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            12/31          

Date of reporting period:          09/30/05         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

  Portfolio of Investments (Unaudited)
Nuveen Real Estate Income Fund (JRS)
September 30, 2005

            Market 
  Shares    Description(1)      Value 
   
      COMMON STOCKS - 88.3% (69.7% of Total Investments)       
      Apartments - 16.3%       
  526,300    AMLI Residential Properties Trust    $   16,878,441 
  215,300    Apartment Investment & Management Company      8,349,334 
  870,000    Archstone-Smith Trust      34,686,900 
  516,400    AvalonBay Communities, Inc.      44,255,480 
 
 
      Diversified - 0.6%       
  312,800    Spirit Finance Corporation      3,519,000 
 
      Healthcare - 12.2%       
  1,912,300    Nationwide Health Properties, Inc.      44,556,590 
  1,740,300    Senior Housing Properties Trust      33,065,700   
 
      Hotels - 0.8%       
  492,564    Hersha Hospitality Trust      4,891,161 
 
      Industrial - 2.9%       
  459,600    First Industrial Realty Trust, Inc.      18,406,980 
 
      Office Property - 34.8%       
  1,388,800    Arden Realty, Inc.      57,176,896 
  477,300    Equity Office Properties Trust      15,612,483 
  3,092,100    HRPT Properties Trust      38,372,961 
  1,351,500    Mack-Cali Realty Corporation      60,736,410 
  298,100    Maguire Properties, Inc.      8,957,905 
  1,205,600    Reckson Associates Realty Corporation      41,653,480 
 
      Regional Malls - 9.9%       
  971,000    The Macerich Company      63,056,740 
 
      Shopping Center - 7.7%       
  239,600    Cedar Shopping Centers Inc.      3,467,012 
  413,800    Federal Realty Investment Trust      25,212,834 
  880,300    New Plan Excel Realty Trust      20,202,885 
 
      Storage - 3.1%       
  984,200    U-Store-It Trust      19,949,733 
 
      Total Common Stocks - (cost $331,916,458)      563,008,925 
 
            Market 
  Shares    Description(1)      Value 
 
      PREFERRED STOCKS - 36.9% (29.2% of Total Investments)       
      Apartments - 8.7%       
      Apartment Investment & Management Company:       
  603,500    Series R, 10.000%      15,606,510 
  461,100    Series U, 7.750%      11,541,333 
  158,000    Series Y, 7.875%      3,965,800 
  945,000    Home Properties Inc., Series F, 9.000%      24,626,700 
 
      Diversified - 9.7%       
      Crescent Real Estate Equities Company:       
  1,031,300    Series A (Convertible), 6.750%      22,843,295 
  850,000    Series B, 9.500%      22,873,500 
  150,000    Lexington Corporate Properties Trust, Series B, 8.050%      3,937,500 
  497,623    PS Business Parks Inc., Series F, 8.750%      12,893,412   
      Hotels - 6.1%       
  130,000    Ashford Hospitality Trust, Series A, 8.550%      3,381,300   
  339,000    Boykin Lodging Company, Series A, 10.500%      9,017,400   
  310,000    FelCor Lodging Trust Inc., Series C, 8.000%      7,719,000   
  120,000    Hersha Hospitality Trust, Series A, 8.000%      3,012,000   
  592,000    LaSalle Hotel Properties, Series A, 10.250%      15,747,200   
      Office Property - 5.6%       
      Alexandria Real Estate Equities Inc.:       
  95,400    Series B, 9.100%      2,486,124   
  160,000    Series C, 8.375%      4,211,200   
  200,000    Corporate Office Properties Trust, Series G, 8.000%      5,200,000   
  12,141    Highwoods Properties, Inc., Series A, 8.625%      13,408,217   
  406,000    Maguire Properties, Inc., Series A, 7.625%      10,292,100   
      Regional Malls - 5.6%       
      Glimcher Realty Trust:       
  113,000    Series F, 8.750%      2,916,530   
  50,000    Series G, 8.125%      1,269,500   
  400,000    Taubman Centers, Inc., Series H, 7.625%      10,230,000   
      The Mills Corp:       
  115,200    Series C, 9.000%      3,007,872   
  213,000    Series E, 8.750%      5,644,500   
  480,000    Series G, 7.875%      12,435,024   
      Shopping Center - 1.2%       
  160,000    Cedar Shopping Centers Inc., Series A, 8.875%      4,115,008   
  125,000    Saul Centers, Inc., Series A, 8.000%      3,268,750   
      Total Preferred Stocks - (cost $220,466,625)      235,649,775   
  Principal          Market  
  Amount (000)    Description(1)      Value  
      REPURCHASE AGREEMENTS - 1.4% (1.1% of Total Investments)       
$   8,635    State Street Bank, 3.150%, dated 9/30/05, due 10/03/05, repurchase price $8,637,715,       
      collateralized by $6,790,000 U.S. Treasury Bonds, 7.500%, due 11/15/16, value $8,813,210      8,635,448  
Total Repurchase Agreements (cost $8,635,448)    8,635,448
      Total Investments (cost $561,018,531) - 126.6%      807,294,148  
      Other Assets Less Liabilities - 0.4%      2,557,657  
      Taxable Auctioned Preferred Shares, at Liquidation Value - (27.0)%      (172,000,000 ) 
      Net Assets Applicable to Common Shares - 100%    $   637,851,805  

Interest Rate Swap Contracts Outstanding at September 30, 2005:                   
                      Unrealized  
    Notional            Termination      Appreciation  
Counterparty    Amount    Fixed Rate     Floating Rate*     Date      (Depreciation)  
Citigroup N.A.    $ 43,000,000    4.8000 %    3.6800 %    2/06/07    $   (257,898 ) 
Citigroup N.A.    43,000,000    5.1900 %    3.6800 %    2/06/09      (976,741 ) 
                    $   (1,234,639 ) 

(1)      All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 * Based on LIBOR (London Inter-Bank Offered Rates).
 

 

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial
statement and federal income tax purposes are primarily due to timing differences in recording income and
recognizing certain gains and losses on investment transactions.

At September 30, 2005, the cost of investments was $561,018,531.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2005, were as follows:
Gross unrealized:       
   Appreciation    $   246,507,783  
   Depreciation      (232,166 ) 
Net unrealized appreciation of investments    $   246,275,617  

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.


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)         Nuveen Real Estate Income Fund        

By (Signature and Title)*          /s/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         11/29/05        

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 (Signature and Title)*         /s/ Gifford R. Zimmerman                    
                                                   Gifford R. Zimmerman
                                                   Chief Administrative Officer (principal executive officer) 

Date         11/29/05        

By (Signature and Title)*         /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                   Vice President and Controller (principal financial officer) 

Date         11/29/05        

* Print the name and title of each signing officer under his or her signature.