Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 13

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 13
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 are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

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| JFR          | Fund Performance, Leverage and Holdings Summaries July 31, 2025 | Nuveen Floating Rate Income Fund |
|:-------------|:----------------------------------------------------------------|:---------------------------------|
| Performance* |                                                                 |                                  |

|                              |     |           |         |     | Total Returns as of 
 July 31, 2025       |       |     |        |        |     |         |
|:-----------------------------|:----|:----------|:--------|:----|:--------------------|:------|:----|:-------|:-------|:----|:--------|
|                              |     |           |         |     | Average Annual      |       |     |        |        |     |         |
|                              |     | Inception 
 Date      |         |     | 1-Year              |       |     | 5-Year |        |     | 10-Year |
| JFR at Common Share NAV      |     |           | 3/25/04 |     |                     | 6.37% |     |        | 8.02%  |     | 4.85%   |
| JFR at Common Share Price    |     |           | 3/25/04 |     |                     | 8.66% |     |        | 11.50% |     | 6.42%   |
| S&P UBS Leveraged Loan Index |     |           | —       |     |                     | 7.60% |     |        | 7.17%  |     | 5.22%   |

*For purposes of Fund performance, relative results are measured against the S&P UBS Leveraged Loan Index. Daily Common Share NAV and Share Price

| Common    
 Share NAV |     |      Common 
 Share Price |     | Premium/(Discount) 
 to NAV             |     | Average            
 Premium/(Discount) 
 to NAV             |
| $8.82     |     |       $8.52 |     | (3.40)%            |     | (4.82)%            |

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

| 13 |

Performance Overview and Holdings Summaries as of July