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)

Kevin J. McCarthy—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:    9/30/2007   

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

Nuveen Real Estate Income Fund (JRS)
September 30, 2007

Shares				Description (1)								Value
				Real Estate Investment Trust Common Stocks – 104.0% (70.5% of Total Investments)
				Industrial – 6.8%
	1,823,900			DCT Industrial Trust Inc.								$	19,096,233
	626,600			First Industrial Realty Trust, Inc.									24,355,942
				Total Industrial									43,452,175
				Office – 18.4%
	1,195,300			Brandywine Realty Trust									30,253,043
	2,280,800			HRPT Properties Trust									22,557,112
	1,090,500			Mack-Cali Realty Corporation									44,819,550
	264,600			Maguire Properties, Inc.									6,834,618
	116,396			SL Green Realty Corporation									13,591,561
				Total Office									118,055,884
				Residential – 20.6%
	315,300			Apartment Investment & Management Company, Class A									14,229,489
	464,500			AvalonBay Communities, Inc.									54,838,870
	278,100			Camden Property Trust									17,867,925
	727,700			Equity Residential									30,825,372
	590,000			UDR Inc.									14,348,800
				Total Residential									132,110,456
				Retail – 27.5%
	413,800			Federal Realty Investment Trust									36,662,680
	691,000			Macerich Company									60,517,780
	396,900			Simon Property Group, Inc.									39,690,000
	449,800			Weingarten Realty Investors Trust									18,648,708
	1,043,100			Westfield Group									20,085,407
				Total Retail									175,604,575
				Specialized – 30.7%
	3,430,000			Ashford Hospitality Trust Inc.									34,471,500
	791,400			Cogdell Spencer Inc.									14,640,900
	579,600			DiamondRock Hospitality Company									10,090,836
	1,519,300			Extra Space Storage Inc.									23,382,027
	933,800			Health Care Property Investors Inc.									30,974,146
	1,716,100			Senior Housing Properties Trust									37,857,166
	1,081,600			Ventas Inc.									44,778,240
				Total Specialized									196,194,815
				Total Real Estate Investment Trust Common Stocks (cost $528,876,067)									665,417,905
Shares				Description (1)		Coupon						Value
				Real Estate Investment Trust Preferred Stocks – 39.7% (27.0% of Total Investments)
				Diversified – 7.1%
	529,942			Duke-Weeks Realty Corporation		6.950%						$	12,374,146
	150,000			Lexington Corporate Properties Trust, Series B		8.050%							3,699,000
	850,000			Lexington Realty Trust		7.550%							19,864,500
	400,000			PS Business Parks, Inc., Series O		7.375%							9,437,520
				Total Diversified									45,375,166
				Specialty Finance – 1.4%
	400,000			Gramercy Capital Corporation		8.125%							9,004,000
				Office – 7.5%
	160,000			Alexandria Real Estate Equities Inc., Series C		8.375%							4,016,000
	200,000			Corporate Office Properties Trust, Series G		8.000%							4,994,000
	12,141			Highwoods Properties, Inc., Series A		8.625%							12,975,694
	57,612			Highwoods Properties, Inc., Series B		8.000%							1,425,897
	81,000			HRPT Properties Trust, Series C		7.125%							1,994,220
	1,062,200			Maguire Properties, Inc., Series A		7.625%							22,847,922
				Total Office									48,253,733
				Residential – 4.8%
	511,100			Apartment Investment & Management Company, Series U		7.750%							12,598,615
	183,000			Apartment Investment & Management Company, Series Y		7.875%							4,527,420
	101,900			BRE Properties, Series C		6.750%							2,289,693
	505,900			BRE Properties, Series D		6.750%							11,225,921
				Total Residential									30,641,649
				Retail – 3.6%
	160,000			Cedar Shopping Centers Inc., Series A		8.875%							4,041,600
	113,000			Glimcher Realty Trust, Series F		8.750%							2,742,510
	154,300			Glimcher Realty Trust, Series G		8.125%							3,629,136
	125,000			Saul Centers, Inc., Series A		8.000%							3,063,750
	400,000			Taubman Centers, Inc., Series H		7.625%							9,756,000
				Total Retail									23,232,996
				Specialized – 15.3%
	640,000			Ashford Hospitality Trust, Inc., Series D		8.450%							14,912,000
	130,000			Ashford Hospitality Trust, Series A		8.550%							3,071,250
	546,900			FelCor Lodging Trust Inc., Series C		8.000%							12,988,875
	120,000			Hersha Hospitality Trust, Series A		8.000%							2,844,000
	800,000			Hospitality Properties Trust, Series C		7.000%							17,400,000
	1,000,000			Public Storage, Inc., Series I		7.250%							24,570,000
	151,700			Public Storage, Inc.		6.750%							3,443,590
	175,000			Strategic Hotel Capital Inc., Series B		8.250%							4,193,000
	320,000			Strategic Hotel Capital Inc., Series C		8.250%							7,584,000
	300,000			Sunstone Hotel Investors Inc., Series A		8.000%							7,095,000
				Total Specialized									98,101,715
				Total Real Estate Investment Trust Preferred Stocks (cost $269,109,857)									254,609,259
Principal
Amount (000)				Description (1)		Coupon		Maturity				Value
				Short-Term Investments – 3.7% (2.5% of Total Investments)
$	23,418			Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07, repurchase price $23,425,601, collateralized by $22,535,000 U.S. Treasury Bond, 5.250%, due 2/15/29, value $23,887,100		3.750%		10/01/07				$	23,418,283
				Total Short-Term Investments (cost $23,418,283)									23,418,283
				Total Investments (cost $821,404,207) – 147.4%									943,445,447
				Borrowings – (10.9)% (2)									(70,000,000	)
				Other Assets Less Liabilities – (1.8)%									(11,487,686	)
				Taxable Auctioned Preferred Shares, at Liquidation Value – (34.7)%									(222,000,000	)
				Net Assets Applicable to Common Shares – 100%								$	639,957,761

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

Citigroup Inc.

$

43,000,000

Receive

1-Month USD-LIBOR

5.190%

Monthly

2/06/09

$

(303,579

)

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Borrowings Payable as a percentage of total investments is (7.4)%.

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 timing differences in recognizing certain gains and losses on investment transactions.

At September 30, 2007, the cost of investments was $821,404,208.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2007, were as follows:

Gross unrealized:
Appreciation		$	163,421,484
Depreciation			(41,380,245	)
Net unrealized appreciation (depreciation) of investments		$	122,041,239

Item 2. Controls and Procedures.

	a.		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)).
	b.		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    

Date November 29, 2007

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.

Date November 29, 2007

Date November 29, 2007