Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 17

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 17
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ings as a percentage of Total Investments is 22.6%. |

| (k) | The Fund segregates 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.  |

| (l) | TFP Shares, Net as a percentage of Total Investments is 12.4%. |

| 36 |     | See Notes to Financial Statements |

Portfolio of Investments July 31, 2025 JQC

| PRINCIPAL |           |     |            |     | DESCRIPTION                                                                                         
 LONG-TERM INVESTMENTS - 157.7% (95.7% of Total Investments)                                         
 ASSET-BACKED SECURITIES - 7.9% (4.8% of Total Investments)                                          |     | RATE |        |     | MATURITY |          |     | VALUE |            |
|:----------|----------:|:----|:-----------|:----|:----------------------------------------------------------------------------------------------------|:----|:-----|-------:|:----|:---------|:---------|:----|:------|-----------:|
| $         | 4,500,000 |     | -a),(b     |     | AIMCO CLO 10 Ltd, Series 2019 10A, (TSFR3M + 4.250%)                                                |     |      | 8.582% |     |          | 07/22/37 |     | $     |  4,523,265 |
|           | 1,500,000 |     | -a),(b     |     | Allegany Park CLO Ltd, Series 2019 1A, (TSFR3M + 6.400%)                                            |     |      | 10.725 |     |          | 01/20/35 |     |       |  1,506,429 |
|           | 1,500,000 |     | -a),(b     |     | Allegro CLO XIII Ltd, Series 2021 1A, (TSFR3M + 6.300%)                                             |     |      | 10.618 |     |          | 07/20/38 |     |       |  1,507,708 |
|           |   750,000 |     | -a),(b),(c |     | Ares LXIII CLO Ltd,