Nuveen Real Estate Income Fund

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:          03/31/05         

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)
March 31, 2005

Market

Shares

Description(1)

Value
 

COMMON STOCKS - 92.6% (71.2% of Total Investments)

Apartments 15.3%

 $

526,300

Amli Residential Properties Trust

$    14,415,357

215,300

Apartment Investment & Management Company

8,009,160

870,000

Archstone-Smith Trust

29,675,700

516,400

AvalonBay Communities, Inc.

34,541,996

Diversified - 0.6%

 

326,000

Spirit Finance Corporation

3,540,360

Healthcare - 11.9%

 

1,912,300

Nationwide Health Properties, Inc.

38,647,583

1,740,300

Senior Housing Properties Trust

29,028,204

Hotels - 0.9%

 

492,564

Hersha Hospitality Trust

4,910,863

Industrial - 3.4%

 

517,100

First Industrial Realty Trust, Inc.

19,561,893

Office Property - 33.9%

 

1,388,800

Arden Realty, Inc.

47,010,880

3,642,100

HRPT Properties Trust

43,377,411

1,351,500

Mack-Cali Realty Corporation

57,236,025

298,100

Maguire Properties, Inc.

7,118,628

1,205,600

Reckson Associates Realty Corporation

37,011,920

Regional Malls - 14.8%

 

1,205,600

Glimcher Realty Trust

28,572,720

1,044,100

The Macerich Company

55,629,648

Shopping Center - 8.4%

 

378,000

Cedar Shopping Centers Inc.

5,382,720

413,800

Federal Realty Investment Trust

20,007,230

880,300

New Plan Excel Realty Trust

22,104,333

Storage - 3.4%

 

76,900

Public Storage Inc.

2,154,738

984,200

U-Store-It Trust

17,125,080

Total Common Stocks (cost $357,022,207)

525,062,449

Market

Shares

Description(1)

Value
 

PREFERRED STOCKS - 36.7% (28.2% of Total Investments)

Apartments - 9.7%

 

Apartment Investment & Management Company:

603,500

   Series R, 10.000%

15,872,050

380,000

   Series U, 7.750%

9,317,600

158,000

   Series Y, 7.875%

3,910,500

945,000

Home Properties, Inc., Series F, 9.000%

24,787,350

51,300

United Dominion Realty Trust, Series B, 8.600%

1,346,112

Diversified - 10.9%

 

Crescent Real Estate Equities Company:

1,031,300

   Series A (Convertible), 6.750%

22,193,576

850,000

   Series B, 9.500%

22,652,500

150,000

Lexington Corporate Properties Trust, Series B, 8.050%

3,927,000

497,623

PS Business Parks Inc., Series F, 8.750%

12,987,960

Healthcare - 0.6%

 

32,558

Nationwide Health Properties Inc., Series A, 7.677%

3,296,498

Hotels - 5.6%

 

130,000

Ashford Hospitality Trust, Series A, 8.550%

3,442,400

360,000

Boykin Lodging Company, Series A, 10.500%

10,080,000

592,000

LaSalle Hotel Properties, Series A, 10.250%

15,806,400

82,000

WestCoast Hospitality Corporation, Series A, 9.500%

2,160,700

Office Property - 6.2%

 

Alexandria Real Estate Equities Inc.

95,400

   Series B, 9.100%

2,509,974

160,000

   Series C, 8.375%

4,250,000

200,000

Corporate Office Properties Trust, Series G, 8.000%

5,020,000

12,141

Highwoods Properties, Inc., Series A, 8.625%

13,127,456

406,000

Maguire Properties, Inc., Series A, 7.625%

10,089,100

Regional Malls - 2.3%

 

Glimcher Realty Trust:

113,000

   Series F, 8.750%

2,938,000

50,000

   Series G, 8.125%

1,255,000

The Miills Corp:

115,200

   Series C, 9.000%

3,013,632

213,000

   Series E, 8.750%

5,563,560

21,700

Taubman Centers, Inc., Series A, 8.300%

547,274

Shopping Centers - 1.3%

 

160,000

Cedar Shopping Centers Inc., Series A, 8.875%

4,305,008

125,000

Saul Centers Inc., Series A, 8.000%

3,170,000

Storage - 0.1%

 

76,900

Public Storage Inc., Series A, 0.000%

2,154,738

23,500

Shurgard Storage Centers, Inc., Series C, 8.700%

596,665

Total Preferred Stocks (cost $195,055,399)

208,166,315

Principal

Market

Amount (000)

Description(1)

Value
 

REPURCHASE AGREEMENTS (cost $4,065,581) - 0.7% (0.6% of Total Investments)
$

4,065,581

State Street Bank, 2.400%, dated 3/31/05, due 4/01/05, repurchase price $4,065,852

   collaterized by $3,545,000 U.S. Treasury Bonds, 6.250%, due 8/15/23, value $4,150,209

4,065,581

Total Investments (cost $556,143,187) - 130.0%

737,294,345

Other Assets Less Liabilities - 0.3%

1,878,340

Taxable Auctioned Preferred Shares, at Liquidation Value - (30.3)%

(172,000,000)

Net Assets Applicable to Common Shares - 100.0%

$567,172,685

  

Interest Rate Swap Transactions Outstanding at March 31, 2005:

Unrealized

Notional

Termination

Appreciation

Counterparty

Amount

Fixed Rate

Floating Rate*

Date

(Depreciation)
 

Citigroup N.A.

$43,000,000

4.8000%

2.7456%

2/06/07

$    (642,502)

Citigroup N.A.

43,000,000

5.1900%

2.7456%

2/06/09

(1,295,464)

$(1,937,966)

*  

Based on LIBOR (London Inter-Bank Offered Rates).

(1)  

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

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

in recognizing certain gains and losses on security transactions.

At March 31, 2005, the cost of investments was $556,143,187.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2005,

were as follows:

Gross unrealized:

   Appreciation

$181,720,835

   Depreciation

(569,677)

Net unrealized appreciation of investments

$181,151,158

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--Vice President and Secretary        

Date         05/27/05        

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--Chief Administrative Officer (principal executive officer)        

Date         05/27/05        

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

Date         05/27/05        

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