Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 22

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 22
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 collateral for reverse repurchase agreements. |

| (g) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of 
 the reporting period was $73,526,366.                                                                               |

| (h) | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the 
 underlying asset of the security. Coupon rate reflects the rate at period end.                                      |

| (i) | For fair value measurement disclosure purposes, investment classified as Level 3. |

| (j) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 7/31/25 to be repurchased at $1,589,456 on 8/1/25,        
 collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 5/15/55, valued at $1,621,249. |

| (k) | Agreement with Fixed Income Clearing Corporation, 4.330% dated 7/31/25 to be repurchased at $700,084 on 8/1/25,        
 collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/41, valued at $714,094. |

| (l) | Borrowings as a percentage of Total Investments is 26.8%. |

| (m) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as                                                                                                                                            
 collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $256,550,569 have been pledged as collateral for 
 borrowings.                                                                                                                                                                                                                                            |

| (n) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 9.5%. |

| 62 |     | See Notes to Financial Statements |

Portfolio of Investments July 31, 2025 NPFD

| PRINCIPAL |             |     |            |     | DESCRIPTION                                                 
 LONG-TERM INVESTMENTS - 154.7% (99.4% of Total Investments) 
 CORPORATE BONDS - 137.6% (88.4% of Total Investments) (a)   
 AUTOMOBILES & COMPONENTS - 3.0% (1.9% of Total Investments) |