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

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 25
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m) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.7%. |

| (n) | TFP Shares, Net as a percentage of Total Investments is 11.2%. |

| See Notes to Financial Statements |     | 67 |

Statement of Assets and Liabilities

| July 31, 2025                                                     |     | JFR |               |   |     | JQC |               |   |     | JPC |               |   |     | JPI |             |   |     | NPFD |             |   |
|:------------------------------------------------------------------|:----|:----|--------------:|:--|:----|:----|--------------:|:--|:----|:----|--------------:|:--|:----|:----|------------:|:--|:----|:-----|------------:|:--|
| ASSETS                                                            |     |     |               |   |     |     |               |   |     |     |               |   |     |     |             |   |     |      |             |   |
| Long-term investments, at value†                                  |     | $   | 2,255,493,669 |   |     | $   | 1,320,027,782 |   |     | $   | 4,106,219,812 |   |     | $   | 438,273,184 |   |     | $    | 750,041,964 |   |
| Short-term investments, at value◊                                 |     |     |    28,623,217 |   |     |     |    58,662,854 |   |     |     |    21,976,515 |   |     |     |   2,289,396 |   |     |      |   4,388,279 |   |
| Cash                                                              |     |     |     4,467,098 |   |     |     |       508,188 |   |     |     |    15,717,343 |   |     |     |   2,209,292 |   |     |      |     139,748 |   |
| Cash denominated in foreign                                       
 currencies^                                                       |     |     |             – |   |     |     |            17 |   |     |     |             – |   |     |