Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 23

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 23
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 |          |          |     |       | -161,314,000 |
|           |           |     |    |     | REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.7)%(m) |     |      |        |     |          |          |     |       |  -27,809,931 |
|           |           |     |    |     | TFP SHARES, NET - (17.4)%(n)                                          |     |      |        |     |          |          |     |       |  -84,551,443 |
|           |           |     |    |     | OTHER ASSETS & LIABILITIES, NET - 0.8%                                |     |      |        |     |          |          |     |       |    3,987,795 |
|           |           |     |    |     | NET ASSETS APPLICABLE TO COMMON SHARES - 100%                         |     |      |        |     |          |          |     | $     |  484,742,664 |

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

| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States                                                                                                                                       
 without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and 
 domestic issuers that are made outside the United States.                                                                                                                                                                                               |

| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |

| (a) | Contains $1,000 Par Preferred and/or Contingent Capital Securities. |

| (b) | Perpetual security. Maturity date is not applicable. |

| (c) | $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional 
 Preferred securities was 69.0% of Total Investments.                                                              |

| (d) | Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption                                                                                                                                                  
 characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the 
 issuer’s capital ratio falling below a specified level.