Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 21

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 21
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     |      |        |     |          |          |     | $     |  282,565,746 |

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 51.9% of Total Investments.                                                              |

| (d) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are                                                                                                                                   
 deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $113,107,043 or 
 25.7% of Total Investments.                                                                                                                                                                                                                            |

| (e) | 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. As of the end of the reporting period, the Fund’s total investment in CoCos was 34.6% of Total Investments.                                                                            |

| See Notes to Financial Statements |     | 61 |

Portfolio of Investments July 31, 2025 (continued) JPI

| (f) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments                                                                  
 in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $100,406,428 have been pledged as