Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 15

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 15
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 or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from transfer agent, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions. /s/ PricewaterhouseCoopers LLP Chicago, Illinois September 26, 2025 We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

| 23 |

Portfolio of Investments July 31, 2025 JFR

| PRINCIPAL |           |     |        |     | DESCRIPTION                                                                     
 LONG-TERM INVESTMENTS - 158.8% (98.7% of Total Investments)                     
 ASSET-BACKED SECURITIES - 0.5% (0.3% of Total Investments)                      |     | RATE |        |     | MATURITY |          |     | VALUE |            |
|:----------|----------:|:----|:-------|:----|:--------------------------------------------------------------------------------|:----|:-----|-------:|:----|:---------|:---------|:----|:------|-----------:|
| $         |   750,000 |     | -a),(b |     | Battalion CLO XI Ltd, Series 2017 11A, (TSFR3M + 7.112%)                        |     |      | 8.034% |     |          | 04/24/34 |     | $     |    694,446 |
|           |   750,000 |     | -a),(b |     | Magnetite XXVII Ltd, Series 2020 27A, (TSFR3M + 6.262%)                         |     |      | 10.587 |     |          | 10/20/34 |     |       |    754,654 |
|           | 2,875,000 |     | -a),(b |     | Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022 48A, (TSFR3