# EDGAR Filing Document

**Accession Number:** 0001865389
**File Stem:** 0001865389-25-000009
**Filing Date:** 2025-12
**Character Count:** 102510
**Document Hash:** 46334da20d6b8c8bbf71883be6356049
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001865389-25-000009.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001865389-25-000009

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Variable Rate Preferred & Income Fund
- **CENTRAL INDEX KEY:** 0001865389

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23704
- **FILM NUMBER:** 251611306

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Nport-Ex

#### Portfolio of Investments October 31, 2025

#### NPFD
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 154.4% (99.9% of Total Investments)

683170912

CORPORATE BONDS - 138.6% (89.7% of Total Investments) (a)

683170912

AUTOMOBILES & COMPONENTS - 3.0% (1.9% of Total Investments)

$

10,476,000

(b),(c)

General Motors Financial Co Inc

5.750 %

N/A

$

10,369,429

4,195,000

(b),(c)

General Motors Financial Co Inc

5.700 N/A

4,208,399

TOTAL AUTOMOBILES & COMPONENTS

14,577,828

BANKS - 66.8% (43.2% of Total Investments)

1,400,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

7.750 N/A

1,493,705

2,495,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

6.125 N/A

2,503,014

3,075,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

3,436,998

1,940,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

8.750 N/A

2,074,139

715,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

7.500 N/A

731,681

1,595,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

7.625 N/A

1,646,871

6,800,000

(b),(d)

Banco Santander SA

9.625 N/A

8,291,560

3,200,000

(b),(d)

Banco Santander SA

8.000 N/A

3,552,806

17,981,000

(b),(c)

Bank of America Corp

6.625 N/A

18,718,221

1,775,000

(b),(c)

Bank of America Corp

6.300 N/A

1,780,364

6,425,000

(b),(c)

Bank of America Corp

6.250 N/A

6,535,639

1,470,000

(c) Bank of Montreal

7.700 05/26/84

1,557,935

3,538,000

(c) Bank of Montreal

6.875 11/26/85

3,648,530

4,783,000

(c) Bank of Montreal

7.300 11/26/84

5,090,843

3,090,000

(c),(f)

Bank of Nova Scotia/The

8.000 01/27/84

3,295,572

2,555,000

(c) Bank of Nova Scotia/The

6.875 10/27/85

2,578,518

3,510,000

(b),(d)

Barclays PLC

8.000 N/A

3,735,683

3,083,000

(b),(d)

Barclays PLC

9.625 N/A

3,491,029

977,000

(b),(d)

Barclays PLC

7.625 N/A

1,033,280

1,960,000

(b),(d)

Barclays PLC

6.125 N/A

1,962,242

986,000

(b),(d),(e)

BNP Paribas SA

7.450 N/A

1,025,221

1,997,000

(b),(d),(e)

BNP Paribas SA

7.375 N/A

2,065,032

5,225,000

(b),(d),(e)

BNP Paribas SA

8.000 N/A

5,569,531

2,430,000

(b),(d),(e)

BNP Paribas SA

8.500 N/A

2,572,364

2,150,000

(b),(d),(e)

BNP Paribas SA

9.250 N/A

2,287,935

3,559,000

(b),(d),(e)

BNP Paribas SA

7.750 N/A

3,750,770

3,617,000

(c) Canadian Imperial Bank of Commerce

6.950 01/28/85

3,683,582

3,298,000

(c) Canadian Imperial Bank of Commerce

7.000 10/28/85

3,398,737

2,875,000

(b),(c)

Citigroup Inc

6.250 N/A

2,898,888

1,650,000

(b),(c)

Citigroup Inc

7.375 N/A

1,709,532

13,100,000

(b),(c)

Citigroup Inc

7.625 N/A

13,706,530

5,351,000

(b),(c)

Citigroup Inc

7.125 N/A

5,519,546

3,014,000

(b),(c)

Citigroup Inc

7.000 N/A

3,220,866

4,177,000

(b),(c)

Citigroup Inc

6.875 N/A

4,303,872

6,500,000

(b),(c),(g)

Citizens Financial Group Inc (TSFR3M + 3.419%)

7.353 N/A

6,458,368

4,326,000

(b),(d),(e)

Credit Agricole SA

7.125 N/A

4,458,465

4,185,000

(b),(d),(e)

Credit Agricole SA

6.700 N/A

4,236,396

5,240,000

(b),(d),(e)

Credit Agricole SA

8.125 N/A

5,264,423

2,224,000

(b),(c),(g)

Fifth Third Bancorp (TSFR3M + 3.295%)

7.296 N/A

2,228,515

7,070,000

(b),(c),(g)

First Citizens BancShares Inc/NC (TSFR3M + 4.234%)

8.271 N/A

7,220,238

975,000

(b),(d)

HSBC Holdings PLC

6.500 N/A

995,534

4,560,000

(b),(d)

HSBC Holdings PLC

8.000 N/A

4,828,456

3,763,000

(b),(d)

HSBC Holdings PLC

6.875 N/A

3,891,352

4,539,000

(b),(d)

HSBC Holdings PLC

6.950 N/A

4,788,150

1,171,000

(b),(d)

HSBC Holdings PLC

6.950 N/A

1,218,066

7,400,000

(b),(c)

Huntington Bancshares Inc/OH

5.625 N/A

7,485,085

3,406,000

(b),(c)

Huntington Bancshares Inc/OH

6.250 N/A

3,374,025

3,784,000

(b),(d)

ING Groep NV

7.000 N/A

3,924,825

6,795,000

(b),(d)

ING Groep NV, Reg S

7.500 N/A

7,099,400

8,663,000

(b),(c)

JPMorgan Chase & Co

6.500 N/A

8,991,215

17,767,000

(b),(c)

JPMorgan Chase & Co

6.875 N/A

18,718,334

6,996,000

(b),(d)

Lloyds Banking Group PLC

8.000 N/A

7,568,746

1,300,000

(b),(d)

Lloyds Banking Group PLC

6.750 N/A

1,339,374

3,000,000

(b),(c)

M&T Bank Corp

5.125 N/A

2,984,904

1,500,000

(b),(d),(e)

Macquarie Bank Ltd/London

6.125 N/A

1,523,678

#### Portfolio of Investments October 31, 2025
(continued)

#### NPFD

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

$

6,242,000

(b),(d)

NatWest Group PLC

8.125 %

N/A

$

7,030,090

1,370,000

(b),(d)

NatWest Group PLC

7.300 N/A

1,448,657

745,000

(b),(d),(e)

Nordea Bank Abp

6.300 N/A

758,025

2,280,000

(b),(d),(e)

Nordea Bank Abp

6.750 N/A

2,353,266

1,559,000

(b),(d),(e)

Nordea Bank Abp

6.625 N/A

1,568,976

5,735,000

(b),(c)

PNC Financial Services Group Inc/The

6.250 N/A

5,884,471

2,445,000

(b),(c)

PNC Financial Services Group Inc/The

6.000 N/A

2,458,572

6,990,000

(b),(c)

PNC Financial Services Group Inc/The

6.200 N/A

7,102,847

3,586,000

(c) Royal Bank of Canada

6.750 08/24/85

3,727,016

1,680,000

(b),(d),(e)

Societe Generale SA

9.375 N/A

1,800,046

770,000

(b),(d),(e)

Societe Generale SA

8.500 N/A

836,464

3,631,000

(b),(d),(e)

Societe Generale SA

10.000 N/A

4,018,050

1,700,000

(b),(d),(e)

Standard Chartered PLC

7.750 N/A

1,762,031

3,240,000

(c) Toronto-Dominion Bank/The

6.350 10/31/85

3,277,472

3,495,000

(c) Toronto-Dominion Bank/The

8.125 10/31/82

3,691,220

13,209,000

(b),(c)

Truist Financial Corp

6.669 N/A

13,263,699

12,345,000

(b),(c)

Wells Fargo & Co

7.625 N/A

13,177,534

12,874,000

(b),(c)

Wells Fargo & Co

6.850 N/A

13,520,957

TOTAL BANKS

329,147,978

CAPITAL GOODS - 1.7% (1.1% of Total Investments)

5,601,000

(b),(c)

Air Lease Corp

6.000 N/A

5,417,302

3,673,000

(c),(e)

ILFC E-Capital Trust I

6.270 12/21/65

3,053,078

TOTAL CAPITAL GOODS

8,470,380

ENERGY - 12.1% (7.8% of Total Investments)

4,546,000

(c) Enbridge Inc

5.500 07/15/77

4,530,004

6,360,000

(c) Enbridge Inc

7.625 01/15/83

6,890,996

8,696,000

(c) Enbridge Inc

8.500 01/15/84

9,998,104

761,000

(b),(c)

Energy Transfer LP

6.625 N/A

759,830

5,167,000

(b),(c)

Energy Transfer LP

7.125 N/A

5,315,966

1,886,000

(b),(c)

Energy Transfer LP

6.500 N/A

1,893,929

4,570,000

(c) Energy Transfer LP

8.000 05/15/54

4,878,557

4,947,000

(c) Energy Transfer LP

6.750 02/15/56

4,962,326

3,554,000

(c) South Bow Canadian Infrastructure Holdings Ltd

7.500 03/01/55

3,801,931

2,870,000

(b),(c),(e)

Sunoco LP

7.875 N/A

2,914,485

5,600,000

(c) TransCanada PipeLines Ltd

7.590 05/15/67

5,039,755

1,500,000

(c) Transcanada Trust

5.875 08/15/76

1,500,080

1,460,000

(c) Transcanada Trust

5.500 09/15/79

1,453,786

2,155,000

(c) Transcanada Trust

5.600 03/07/82

2,130,836

3,673,000

(b),(c),(e)

Venture Global LNG Inc

9.000 N/A

3,433,027

TOTAL ENERGY

59,503,612

FINANCIAL SERVICES - 19.2% (12.4% of Total Investments)

3,350,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

3,521,616

3,200,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.500 01/31/56

3,305,974

2,906,000

(b),(c)

Ally Financial Inc

4.700 N/A

2,702,923

3,250,000

(b),(c),(e)

Capital Farm Credit ACA

5.000 N/A

3,201,250

3,690,000

(b),(c)

Capital One Financial Corp

5.500 N/A

3,690,295

350,000

(b),(c),(e)

Compeer Financial ACA

4.875 N/A

339,500

3,325,000

(h) Credit Suisse Group AG

7.500 01/17/72

1,113,875

2,460,000

(h) Credit Suisse Group AG

7.500 06/11/72

824,100

5,850,000

(h) Credit Suisse Group AG

6.380 02/21/72

1,959,750

9,004,000

(h) Credit Suisse Group AG

0.000 01/17/72

3,016,340

5,600,000

(b),(d)

Deutsche Bank AG, Reg S

8.130 N/A

5,967,018

9,875,000

(b),(c)

Goldman Sachs Group Inc/The

7.379 N/A

9,920,958

5,784,000

(b),(c)

Goldman Sachs Group Inc/The

6.850 N/A

6,018,547

5,249,000

(b),(c)

Goldman Sachs Group Inc/The

6.125 N/A

5,351,980

11,071,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

11,732,736

5,140,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

5,453,376

1,600,000

(b),(d)

Julius Baer Group Ltd, Reg S

7.500 N/A

1,655,030

1,026,000

(b),(d)

Nomura Holdings Inc

7.000 N/A

1,062,306

4,250,000

(b),(c)

State Street Corp

6.700 N/A

4,417,816

3,853,000

(b),(d),(e)

UBS Group AG

9.250 N/A

4,511,936

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

4,325,000

(b),(d),(e)

UBS Group AG

9.250 %

N/A

$

4,712,931

3,892,000

(b),(d),(e)

UBS Group AG

7.750 N/A

4,143,233

1,280,000

(b),(d),(e)

UBS Group AG

7.000 N/A

1,292,938

4,352,000

(b),(c)

Voya Financial Inc

7.758 N/A

4,578,052

TOTAL FINANCIAL SERVICES

94,494,480

HEALTH CARE EQUIPMENT & SERVICES - 0.5% (0.4% of Total Investments)

1,381,000

(c) CVS Health Corp

6.750 12/10/54

1,435,174

1,174,000

(c) CVS Health Corp

7.000 03/10/55

1,233,499

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,668,673

INSURANCE - 14.7% (9.5% of Total Investments)

3,308,000

(c) American National Group Inc

7.000 12/01/55

3,378,289

8,045,000

(c),(f)

Assurant Inc

7.000 03/27/48

8,264,673

3,000,000

(c),(e)

Assured Guaranty Municipal Holdings Inc

6.400 12/15/66

2,783,720

3,982,000

(c) Corebridge Financial Inc

6.375 09/15/54

4,099,835

6,115,000

(c) Enstar Finance LLC

5.500 01/15/42

6,044,228

2,061,000

(c),(e)

Enstar Group Ltd

7.500 04/01/45

2,153,496

2,000,000

(c) MetLife Inc

10.750 08/01/39

2,671,906

3,495,000

(b),(c)

MetLife Inc

5.875 N/A

3,581,533

2,518,000

(c) MetLife Inc

6.350 03/15/55

2,669,712

3,396,000

(e) Omnis Funding Trust

6.722 05/15/55

3,622,017

2,755,000

(b),(d)

Phoenix Group Holdings PLC, Reg S

8.500 N/A

2,947,299

2,395,000

(c) Prudential Financial Inc

5.125 03/01/52

2,385,714

3,248,000

(c),(f)

Prudential Financial Inc

6.750 03/01/53

3,476,003

6,688,000

(c) Prudential Financial Inc

6.500 03/15/54

7,122,586

13,500,000

(b),(c),(e)

SBL Holdings Inc

9.508 N/A

13,951,481

3,415,000

(b),(c),(e)

SBL Holdings Inc

6.500 N/A

3,279,609

TOTAL INSURANCE

72,432,101

MATERIALS - 0.5% (0.3% of Total Investments)

2,434,000

(b),(c),(e)

Cemex SAB de CV

7.200 N/A

2,528,804

TOTAL MATERIALS

2,528,804

MEDIA & ENTERTAINMENT - 0.5% (0.4% of Total Investments)

2,566,000

(b),(c),(e)

Farm Credit Bank of Texas

7.750 N/A

2,679,997

TOTAL MEDIA & ENTERTAINMENT

2,679,997

TELECOMMUNICATION SERVICES - 4.2% (2.7% of Total Investments)

3,791,000

(c) Bell Telephone Co of Canada or Bell Canada

7.000 09/15/55

3,984,500

3,941,000

(c) Rogers Communications Inc

7.125 04/15/55

4,218,114

1,977,000

(c) TELUS Corp

7.000 10/15/55

2,108,856

10,000,000

(c) Vodafone Group PLC

7.000 04/04/79

10,551,790

TOTAL TELECOMMUNICATION SERVICES

20,863,260

UTILITIES - 15.4% (10.0% of Total Investments)

1,300,000

(c),(e)

AES Andes SA

8.150 06/10/55

1,359,020

2,456,000

(c) AES Corp/The

7.600 01/15/55

2,506,989

3,817,000

(c),(f)

AES Corp/The

6.950 07/15/55

3,692,905

1,302,000

(c),(e)

AltaGas Ltd

7.200 10/15/54

1,334,727

3,416,000

(c) CMS Energy Corp

6.500 06/01/55

3,553,853

3,593,000

(c) Dominion Energy Inc

7.000 06/01/54

3,924,648

3,000,000

(c) Dominion Energy Inc

6.625 05/15/55

3,127,779

3,244,000

(c) Duke Energy Corp

6.450 09/01/54

3,429,797

1,529,000

(c) Edison International

7.875 06/15/54

1,573,668

2,404,000

(c) Edison International

8.125 06/15/53

2,481,091

1,445,000

(b),(c)

Edison International

5.375 N/A

1,430,662

1,910,000

(b),(c)

Edison International

5.000 N/A

1,862,922

12,143,000

(c),(f)

Emera Inc

6.750 06/15/76

12,200,886

4,322,000

(c),(f)

Entergy Corp

7.125 12/01/54

4,540,749

2,713,000

(c) EUSHI Finance Inc

7.625 12/15/54

2,852,608

6,174,000

(c),(f)

NextEra Energy Capital Holdings Inc

6.750 06/15/54

6,677,558

1,925,000

(c) PG&E Corp

7.375 03/15/55

1,979,911

6,476,000

(c) Sempra

6.550 04/01/55

6,632,298

1,921,000

(c) Sempra

6.375 04/01/56

1,973,846

2,215,000

(b),(c),(e)

Vistra Corp

7.000 N/A

2,236,955

1,560,000

(b),(c),(e)

Vistra Corp

8.000 N/A

1,598,286

#### Portfolio of Investments October 31, 2025
(continued)

#### NPFD

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

4,398,000

(b),(c),(e)

Vistra Corp

8.875 %

N/A

$

4,832,641

TOTAL UTILITIES

75,803,799

TOTAL CORPORATE BONDS

(Cost $686,173,687)

683,170,912

SHARES

DESCRIPTION

RATE

VALUE

63814144

PREFERRED STOCK - 12.9% (8.3% of Total Investments)

63814144

BANKS - 3.6% (2.3% of Total Investments)

121,601

Fifth Third Bancorp

7.973 3,100,826

62,700

KeyCorp

6.125 1,559,349

297,600

KeyCorp

6.200 7,457,856

31,966

KeyCorp

5.625 709,965

31,875

KeyCorp

5.650 714,956

163,723

Regions Financial Corp

5.700 4,039,046

5,984

Synovus Financial Corp

8.397 157,260

TOTAL BANKS

17,739,258

FINANCIAL SERVICES - 2.5% (1.6% of Total Investments)

139,125

Bank of New York Mellon Corp/The

6.150 3,583,860

143,950

Morgan Stanley

6.625 3,765,732

211,000

Voya Financial Inc

5.350 5,146,290

TOTAL FINANCIAL SERVICES

12,495,882

FOOD, BEVERAGE & TOBACCO - 1.9% (1.2% of Total Investments)

237,055

CHS Inc

7.100 5,964,304

115,393

CHS Inc

6.750 2,875,593

4,400

(e) Dairy Farmers of America Inc

7.875 420,200

TOTAL FOOD, BEVERAGE & TOBACCO

9,260,097

INSURANCE - 4.9% (3.2% of Total Investments)

185,450

American National Group Inc

7.375 4,719,703

59,425

Aspen Insurance Holdings Ltd

7.125 1,495,727

194,775

Athene Holding Ltd

6.350 4,859,636

243,575

Enstar Group Ltd

7.000 5,602,225

210,800

Reinsurance Group of America Inc

5.750 5,253,136

93,300

Reinsurance Group of America Inc

7.125 2,388,480

TOTAL INSURANCE

24,318,907

TOTAL PREFERRED STOCK

(Cost $68,306,663)

63,814,144

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

14326687

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)

14326687

6,050,000

(b) CoBank ACB

6.450 N/A

6,063,050

2,062,000

(b) CoBank ACB

7.250 N/A

2,107,601

3,785,000

(b) CoBank ACB

7.125 N/A

3,926,937

50,000

(b),(e)

Farm Credit Bank of Texas

6.200 N/A

49,913

2,092,000

(b) Farm Credit Bank of Texas

7.000 N/A

2,179,186

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $14,068,278)

14,326,687

TOTAL LONG-TERM INVESTMENTS

(Cost $768,548,628)

761,311,743

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.1%(0.1% of Total Investments)

500,000

REPURCHASE AGREEMENTS - 0.1% (0.1% of Total Investments)

500,000

$

500,000

(i) Fixed Income Clearing Corporation

4.120 %

11/03/25

$

500,000

TOTAL REPURCHASE AGREEMENTS

(Cost $500,000)

500,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $500,000)

500,000

TOTAL INVESTMENTS - 154.5%

(Cost $769,048,628)

761,811,743

BORROWINGS - (32.7)% (j),(k)

(161,314,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.6)%(l)

(27,809,548)

TFP SHARES, NET - (17.2)%(m)

(84,564,729)

OTHER ASSETS & LIABILITIES, NET - 1.0%

4,857,995

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

492,981,461

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

68.6% of Total Investments.

(d) 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 19.7% of Total Investments.

(e) 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 fiscal period, the aggregate value of these securities is $120,736,608 or 15.8% of Total Investments.

(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 fiscal period, investments with a value of $37,853,647 have been pledged as collateral

for reverse repurchase agreements.

(g) 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.

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

(i) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $500,172 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 1/31/32, valued at $510,130.

(j) Borrowings as a percentage of Total Investments is 21.2%.

(k) 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 $331,114,125 have been pledged as collateral for borrowings.

(l) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.7%.

(m) TFP Shares, Net as a percentage of Total Investments is 11.1%.

#### Portfolio of Investments October 31, 2025
(continued)

#### NPFD

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

The following is a reconciliation of the Fund's Level 3 investments held at the beginning and end of the measurement period:

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the report-

ing period, were as follows:

NPFD

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

676,256,847

$

6,914,065

$

683,170,912

Preferred Stock

63,814,144

–

–

63,814,144

U.S. Government and Agency Obligations

–

14,326,687

–

14,326,687

Short-Term Investments:

Repurchase Agreements

–

500,000

–

500,000

Total

$

63,814,144

$

691,083,534

$

6,914,065

$

761,811,743

Level 3

NPFD

Corporate Bonds

Balance at the beginning of period

$

2,425,083

Gains (losses):

-

Net realized gains (losses)

-

Change in net unrealized appreciation (depreciation)

4,488,982

Purchases at cost

-

Sales at proceeds

-

Net discounts (premiums)

-

Transfers into

-

Transfers (out of)

-

Balance at the end of period

$

6,914,065

Change in net unrealized appreciation (depreciation) during the period of Level 3

securities held as of period end

$

4,488,982

Fund

Asset Class

Market Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

NPFD

Corporate Bonds

$6,914,065

Indicative Trade

Broker Quote

$33.50

N/A

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nuveen Variable Rate Preferred & Income Fund

- **b. Investment Company Act file number:** 811-23704

- **c. CIK number of Registrant:** 0001865389

- **d. LEI of Registrant:** 549300B5AMVHD58MNL94

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 333 W. Wacker Dr

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-917-7700

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nuveen Variable Rate Preferred & Income Fund

- **c. LEI of Series:** 549300B5AMVHD58MNL94

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $744922785.00

**Total Liabilities:** $251941325.00

**Net Assets:** $492981460.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** -3474.96000000 | **30-Year:** -176561.30000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** -1377.47000000 | **30-Year:** -158317.81000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.19%                | 1.93%                | 1.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-958385.34              | $3509093.65                                |
| Month 2  | $-927156.67              | $7341159.56                                |
| Month 3  | $-165735.00              | $4129551.08                                |

### Schedule of Portfolio Investments

| Name                                                      | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CVS Health Corp                                           | CVS Health Corp                                           | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1381000 | PA      | $1435173.87   | 0.29%             | 2054-12-10      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                              | Barclays PLC                                              | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3510000 | PA      | $3735682.47   | 0.76%             | N/A             | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Athene Holding Ltd                                        | Athene Holding Ltd                                        | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    194775 | NS      | $4859636.25   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | Truist Financial Corp                                     | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  13209000 | PA      | $13263698.47  | 2.69%             | N/A             | Fixed         | 6.67%                 | No            | 2                  | On Loan: No      |
| Enstar Group Ltd                                          | Enstar Group Ltd                                          | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |    243575 | NS      | $5602225.00   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Phoenix Group Holdings PLC                                | Phoenix Group Holdings PLC                                | CUSIP: YX5563508<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |   2755000 | PA      | $2947299.00   | 0.60%             | N/A             | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                      | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3586000 | PA      | $3727015.86   | 0.76%             | 2085-08-24      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3617000 | PA      | $3683581.74   | 0.75%             | 2085-01-28      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Toronto-Dominion Bank/The                                 | Toronto-Dominion Bank/The                                 | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3240000 | PA      | $3277472.16   | 0.66%             | 2085-10-31      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp                                      | Bank of America Corp                                      | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6425000 | PA      | $6535638.50   | 1.33%             | N/A             | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                         | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1171000 | PA      | $1218066.00   | 0.25%             | N/A             | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| EUSHI Finance Inc                                         | EUSHI Finance Inc                                         | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2713000 | PA      | $2852608.27   | 0.58%             | 2054-12-15      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| Enstar Group Ltd                                          | Enstar Group Ltd                                          | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   2061000 | PA      | $2153495.62   | 0.44%             | 2045-04-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                         | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3763000 | PA      | $3891352.17   | 0.79%             | N/A             | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Edison International                                      | Edison International                                      | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1529000 | PA      | $1573668.21   | 0.32%             | 2054-06-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd            | South Bow Canadian Infrastructure Holdings Ltd            | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   3554000 | PA      | $3801930.59   | 0.77%             | 2055-03-01      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group Inc/The                               | Goldman Sachs Group Inc/The                               | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5249000 | PA      | $5351980.13   | 1.09%             | N/A             | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| BNP PARIBAS                                               | BNP Paribas SA                                            | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2150000 | PA      | $2287935.40   | 0.46%             | N/A             | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                        | Energy Transfer LP                                        | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4947000 | PA      | $4962325.81   | 1.01%             | 2056-02-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| CMS Energy Corp                                           | CMS Energy Corp                                           | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   3416000 | PA      | $3553852.68   | 0.72%             | 2055-06-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Bell Telephone Co of Canada or Bell Canada                | Bell Telephone Co of Canada or Bell Canada                | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |   3791000 | PA      | $3984500.22   | 0.81%             | 2055-09-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Prudential Financial Inc                                  | Prudential Financial Inc                                  | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   6688000 | PA      | $7122586.24   | 1.44%             | 2054-03-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                          | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3538000 | PA      | $3648530.13   | 0.74%             | 2085-11-26      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| TRANSCANADA TRUST                                         | Transcanada Trust                                         | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1500079.50   | 0.30%             | 2076-08-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Bank of Nova Scotia/The                                   | Bank of Nova Scotia/The                                   | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3090000 | PA      | $3295571.52   | 0.67%             | 2084-01-27      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                  | Prudential Financial Inc                                  | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   2395000 | PA      | $2385713.63   | 0.48%             | 2052-03-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   8663000 | PA      | $8991215.08   | 1.82%             | N/A             | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                         | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4539000 | PA      | $4788150.25   | 0.97%             | N/A             | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                    | CUSIP: 902LWB004<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   5850000 | PA      | $1959750.00   | 0.40%             | 2172-02-21      | Fixed         | 6.38%                 | No            | 3                  | On Loan: No      |
| CITIGROUP INC                                             | Citigroup Inc                                             | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1709532.00   | 0.35%             | N/A             | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                              | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4325000 | PA      | $4712930.88   | 0.96%             | N/A             | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Aspen Insurance Holdings Ltd                              | Aspen Insurance Holdings Ltd                              | CUSIP: EP0607309<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     59425 | NS      | $1495727.25   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| STANDARD CHARTERED PLC                                    | Standard Chartered PLC                                    | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1700000 | PA      | $1762031.30   | 0.36%             | N/A             | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                                     | Wells Fargo & Co                                          | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  12345000 | PA      | $13177534.46  | 2.67%             | N/A             | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| METLIFE INC                                               | MetLife Inc                                               | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2671906.00   | 0.54%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Reinsurance Group of America Inc                          | Reinsurance Group of America Inc                          | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |    210800 | NS      | $5253136.00   | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| VODAFONE GROUP PLC                                        | Vodafone Group PLC                                        | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10551790.00  | 2.14%             | 2079-04-04      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                    | CUSIP: 902LWC002<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   2460000 | PA      | $824100.00    | 0.17%             | 2172-06-11      | Fixed         | 7.50%                 | No            | 3                  | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                        | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   6800000 | PA      | $8291559.60   | 1.68%             | N/A             | Fixed         | 9.62%                 | No            | 2                  | On Loan: No      |
| AltaGas Ltd                                               | AltaGas Ltd                                               | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   1302000 | PA      | $1334727.22   | 0.27%             | 2054-10-15      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                  | Banco Mercantil del Norte SA/Grand Cayman                 | CUSIP: 05962GAJ8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1595000 | PA      | $1646871.00   | 0.33%             | N/A             | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| ASSURANT INC                                              | Assurant Inc                                              | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |   8045000 | PA      | $8264673.31   | 1.68%             | 2048-03-27      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| American National Group Inc                               | American National Group Inc                               | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   3308000 | PA      | $3378288.38   | 0.69%             | 2055-12-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Bank of New York Mellon Corp/The                          | Bank of New York Mellon Corp/The                          | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    139125 | NS      | $3583860.00   | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Lloyds Banking Group PLC                                  | Lloyds Banking Group PLC                                  | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1339374.40   | 0.27%             | N/A             | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| AES Andes SA                                              | AES Andes SA                                              | CUSIP: 00111VAC1<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |   1300000 | PA      | $1359020.00   | 0.28%             | 2055-06-10      | Fixed         | 8.15%                 | Yes           | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group Inc/The                               | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5140000 | PA      | $5453375.52   | 1.11%             | N/A             | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| NatWest Group PLC                                         | NatWest Group PLC                                         | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   6242000 | PA      | $7030089.95   | 1.43%             | N/A             | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| NextEra Energy Capital Holdings Inc                       | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6174000 | PA      | $6677557.61   | 1.35%             | 2054-06-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Corebridge Financial Inc                                  | Corebridge Financial Inc                                  | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   3982000 | PA      | $4099835.34   | 0.83%             | 2054-09-15      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group Inc/The                               | Goldman Sachs Group Inc/The                               | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5784000 | PA      | $6018546.98   | 1.22%             | N/A             | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| AES Corp/The                                              | AES Corp/The                                              | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   3817000 | PA      | $3692904.75   | 0.75%             | 2055-07-15      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                          | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   4783000 | PA      | $5090843.45   | 1.03%             | 2084-11-26      | Fixed         | 7.30%                 | No            | 2                  | On Loan: No      |
| Barclays PLC                                              | Barclays PLC                                              | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    977000 | PA      | $1033280.09   | 0.21%             | N/A             | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                                          | Societe Generale SA                                       | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1680000 | PA      | $1800046.08   | 0.37%             | N/A             | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| CoBank ACB                                                | CoBank ACB                                                | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |   3785000 | PA      | $3926937.50   | 0.80%             | N/A             | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Nordea Bank Abp                                           | Nordea Bank Abp                                           | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   2280000 | PA      | $2353265.52   | 0.48%             | N/A             | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Sunoco LP                                                 | Sunoco LP                                                 | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2914485.00   | 0.59%             | N/A             | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| State Street Corp                                         | State Street Corp                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4417815.50   | 0.90%             | N/A             | Fixed         | 6.70%                 | No            | 2                  | On Loan: No      |
| Nomura Holdings Inc                                       | Nomura Holdings Inc                                       | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1026000 | PA      | $1062306.04   | 0.22%             | N/A             | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| ALLY FINANCIAL INC                                        | Ally Financial Inc                                        | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2906000 | PA      | $2702923.20   | 0.55%             | N/A             | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| Voya Financial Inc                                        | Voya Financial Inc                                        | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    211000 | NS      | $5146290.00   | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| CoBank ACB                                                | CoBank ACB                                                | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |   2062000 | PA      | $2107601.13   | 0.43%             | N/A             | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| Vistra Corp                                               | Vistra Corp                                               | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   4398000 | PA      | $4832641.15   | 0.98%             | N/A             | Fixed         | 8.88%                 | Yes           | 2                  | On Loan: No      |
| TRANSCANADA PIPELINES                                     | TransCanada PipeLines Ltd                                 | CUSIP: 89352HAC3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |   5600000 | PA      | $5039755.11   | 1.02%             | 2067-05-15      | Fixed         | 7.59%                 | No            | 2                  | On Loan: No      |
| Dominion Energy Inc                                       | Dominion Energy Inc                                       | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3127779.00   | 0.63%             | 2055-05-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| KeyCorp                                                   | KeyCorp                                                   | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    297600 | NS      | $7457856.00   | 1.51%             |  |  |  | No            | 1                  | On Loan: No      |
| ENSTAR FINANCE LLC                                        | Enstar Finance LLC                                        | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6115000 | PA      | $6044228.05   | 1.23%             | 2042-01-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                             | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4177000 | PA      | $4303872.20   | 0.87%             | N/A             | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Duke Energy Corp                                          | Duke Energy Corp                                          | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   3244000 | PA      | $3429796.86   | 0.70%             | 2054-09-01      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| COBANK ACB                                                | CoBank ACB                                                | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |   6050000 | PA      | $6063049.85   | 1.23%             | N/A             | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2445000 | PA      | $2458572.20   | 0.50%             | N/A             | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                  | Prudential Financial Inc                                  | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   3248000 | PA      | $3476003.10   | 0.71%             | 2053-03-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                    | CUSIP: 902MMW908<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   3325000 | PA      | $1113875.00   | 0.23%             | 2172-01-17      | Fixed         | 7.50%                 | No            | 3                  | On Loan: No      |
| MetLife Inc                                               | MetLife Inc                                               | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2518000 | PA      | $2669712.02   | 0.54%             | 2055-03-15      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                              | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1280000 | PA      | $1292938.24   | 0.26%             | N/A             | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Huntington Bancshares Inc/OH                              | Huntington Bancshares Inc/OH                              | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3406000 | PA      | $3374024.81   | 0.68%             | N/A             | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| AES Corp/The                                              | AES Corp/The                                              | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   2456000 | PA      | $2506989.02   | 0.51%             | 2055-01-15      | Fixed         | 7.60%                 | No            | 2                  | On Loan: No      |
| CHS Inc                                                   | CHS Inc                                                   | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    237055 | NS      | $5964303.80   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ILFC E-CAPITAL TRUST I                                    | ILFC E-Capital Trust I                                    | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3673000 | PA      | $3053078.41   | 0.62%             | 2065-12-21      | Fixed         | 6.27%                 | Yes           | 2                  | On Loan: No      |
| ASSURED GUARANTY MUNI                                     | Assured Guaranty Municipal Holdings Inc                   | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2783720.10   | 0.56%             | 2066-12-15      | Fixed         | 6.40%                 | Yes           | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   5735000 | PA      | $5884471.31   | 1.19%             | N/A             | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                              | Enbridge Inc                                              | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   4546000 | PA      | $4530004.44   | 0.92%             | 2077-07-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                              | Enbridge Inc                                              | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   6360000 | PA      | $6890996.40   | 1.40%             | 2083-01-15      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                        | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    761000 | PA      | $759829.66    | 0.15%             | N/A             | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Banco Mercantil del Norte SA/Grand Cayman                 | Banco Mercantil del Norte SA/Grand Cayman                 | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1940000 | PA      | $2074139.36   | 0.42%             | N/A             | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| Rogers Communications Inc                                 | Rogers Communications Inc                                 | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   3941000 | PA      | $4218113.46   | 0.86%             | 2055-04-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC Holdings PLC                                         | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4560000 | PA      | $4828456.32   | 0.98%             | N/A             | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                  | Banco Mercantil del Norte SA/Grand Cayman                 | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    715000 | PA      | $731680.95    | 0.15%             | N/A             | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| FIFTH THIRD BANCORP                                       | Fifth Third Bancorp                                       | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   2224000 | PA      | $2228514.72   | 0.45%             | N/A             | Variable      | 7.30%                 | No            | 2                  | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1493704.80   | 0.30%             | N/A             | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group Inc/The                               | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   9875000 | PA      | $9920958.25   | 2.01%             | N/A             | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| SBL HOLDINGS INC                                          | SBL Holdings Inc                                          | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   3415000 | PA      | $3279609.25   | 0.67%             | N/A             | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Venture Global LNG Inc                                    | Venture Global LNG Inc                                    | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   3673000 | PA      | $3433027.48   | 0.70%             | N/A             | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| Capital One Financial Corp                                | Capital One Financial Corp                                | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3690000 | PA      | $3690295.20   | 0.75%             | N/A             | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| NORDEA BANK ABP                                           | Nordea Bank Abp                                           | CUSIP: 65559CAA9<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1559000 | PA      | $1568976.04   | 0.32%             | N/A             | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Synovus Financial Corp                                    | Synovus Financial Corp                                    | CUSIP: 87161C709<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |      5984 | NS      | $157259.52    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                  | First Citizens BancShares Inc/NC                          | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   7070000 | PA      | $7220237.50   | 1.46%             | N/A             | Variable      | 8.27%                 | No            | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                                      | Edison International                                      | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1430661.55   | 0.29%             | N/A             | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| METLIFE INC                                               | MetLife Inc                                               | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   3495000 | PA      | $3581532.71   | 0.73%             | N/A             | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                                      | Edison International                                      | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2404000 | PA      | $2481091.47   | 0.50%             | 2053-06-15      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group Inc/The                               | Goldman Sachs Group Inc/The                               | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  11071000 | PA      | $11732735.81  | 2.38%             | N/A             | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                 | Farm Credit Bank of Texas                                 | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   2566000 | PA      | $2679997.12   | 0.54%             | N/A             | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp                                      | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1780364.05   | 0.36%             | N/A             | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Entergy Corp                                              | Entergy Corp                                              | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   4322000 | PA      | $4540749.39   | 0.92%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   3075000 | PA      | $3436998.23   | 0.70%             | N/A             | Fixed         | 9.38%                 | No            | 2                  | On Loan: No      |
| HUNTINGTON BANCSHARES                                     | Huntington Bancshares Inc/OH                              | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7485085.20   | 1.52%             | N/A             | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Cemex SAB de CV                                           | Cemex SAB de CV                                           | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   2434000 | PA      | $2528804.30   | 0.51%             | N/A             | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                        | Energy Transfer LP                                        | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4570000 | PA      | $4878557.26   | 0.99%             | 2054-05-15      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| MACQUARIE BANK LONDON                                     | Macquarie Bank Ltd/London                                 | CUSIP: 556079AB7<br>LEI: 549300MPRNPO6FWNKN78 | Long             | DBT              | CORP              | AU        |   1500000 | PA      | $1523677.50   | 0.31%             | N/A             | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                            | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    986000 | PA      | $1025220.65   | 0.21%             | N/A             | Fixed         | 7.45%                 | Yes           | 2                  | On Loan: No      |
| American National Group Inc                               | American National Group Inc                               | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |    185450 | NS      | $4719702.50   | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                             | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3014000 | PA      | $3220865.89   | 0.65%             | N/A             | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC                                             | Citigroup Inc                                             | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2875000 | PA      | $2898888.38   | 0.59%             | N/A             | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| KeyCorp                                                   | KeyCorp                                                   | CUSIP: 493267876<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     31875 | NS      | $714956.25    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| M&T BANK CORPORATION                                      | M&T Bank Corp                                             | CUSIP: 55261FAH7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2984904.30   | 0.61%             | N/A             | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                            | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1997000 | PA      | $2065031.80   | 0.42%             | N/A             | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| KeyCorp                                                   | KeyCorp                                                   | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     31966 | NS      | $709964.86    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC Holdings PLC                                         | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    975000 | PA      | $995533.50    | 0.20%             | N/A             | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| NatWest Group PLC                                         | NatWest Group PLC                                         | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1370000 | PA      | $1448657.18   | 0.29%             | N/A             | Fixed         | 7.30%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co                                          | Wells Fargo & Co                                          | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  12874000 | PA      | $13520957.12  | 2.74%             | N/A             | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                       | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3631000 | PA      | $4018050.08   | 0.82%             | N/A             | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| VISTRA CORP                                               | Vistra Corp                                               | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   2215000 | PA      | $2236955.08   | 0.45%             | N/A             | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| GENERAL MOTORS FINL CO                                    | General Motors Financial Co Inc                           | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   4195000 | PA      | $4208398.83   | 0.85%             | N/A             | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                          | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1470000 | PA      | $1557935.40   | 0.32%             | 2084-05-26      | Fixed         | 7.70%                 | No            | 2                  | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                              | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3892000 | PA      | $4143232.49   | 0.84%             | N/A             | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                       | CUSIP: 83370RAD0<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    770000 | PA      | $836464.09    | 0.17%             | N/A             | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp                                           | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1174000 | PA      | $1233499.49   | 0.25%             | 2055-03-10      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Julius Baer Group Ltd                                     | Julius Baer Group Ltd                                     | CUSIP: YR4111344<br>LEI: 5299007MF0604ZGJER92 | Long             | DBT              | CORP              | CH        |   1600000 | PA      | $1655030.40   | 0.34%             | N/A             | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| BNP PARIBAS                                               | BNP Paribas SA                                            | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3559000 | PA      | $3750769.60   | 0.76%             | N/A             | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                      | CUSIP: 937JBD007<br>LEI: ES7IP3U3RHIGC71XBU11 | Short            | RA               | CORP              | CA        | -27592000 | PA      | $-27592000.00 | -5.60%            |  |  |  | No            | N/A                | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY                       | Fixed Income Clearing Corporation                         | CUSIP: 85748R009<br>LEI: N/A                  | Long             | RA               | CORP              | US        |    500000 | PA      | $500000.00    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| EMERA INC                                                 | Emera Inc                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |  12143000 | PA      | $12200885.68  | 2.47%             | 2076-06-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                              | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   3784000 | PA      | $3924825.34   | 0.80%             | N/A             | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| VOYA FINANCIAL INC                                        | Voya Financial Inc                                        | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |   4352000 | PA      | $4578051.58   | 0.93%             | N/A             | Fixed         | 7.76%                 | No            | 2                  | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                        | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3298000 | PA      | $3398737.41   | 0.69%             | 2085-10-28      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                        | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   4326000 | PA      | $4458465.23   | 0.90%             | N/A             | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                        | Energy Transfer LP                                        | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   5167000 | PA      | $5315966.01   | 1.08%             | N/A             | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| KeyCorp                                                   | KeyCorp                                                   | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     62700 | NS      | $1559349.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                              | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3853000 | PA      | $4511936.21   | 0.92%             | N/A             | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co                                       | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  17767000 | PA      | $18718334.02  | 3.80%             | N/A             | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                             | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  13100000 | PA      | $13706530.00  | 2.78%             | N/A             | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| TORONTO-DOMINION BANK                                     | Toronto-Dominion Bank/The                                 | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3495000 | PA      | $3691219.79   | 0.75%             | 2082-10-31      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                    | CUSIP: 902LUX008<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   9004000 | PA      | $3016340.00   | 0.61%             | 2172-01-17      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| CREDIT AGRICOLE SA                                        | Credit Agricole SA                                        | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   5240000 | PA      | $5264422.59   | 1.07%             | N/A             | Fixed         | 8.12%                 | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3200000 | PA      | $3305974.40   | 0.67%             | 2056-01-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| GENERAL MOTORS FINL CO                                    | General Motors Financial Co Inc                           | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  10476000 | PA      | $10369428.70  | 2.10%             | N/A             | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Fifth Third Bancorp                                       | Fifth Third Bancorp                                       | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    121601 | NS      | $3100825.50   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| TELUS Corp                                                | TELUS Corp                                                | CUSIP: 87971MCM3<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |   1977000 | PA      | $2108856.02   | 0.43%             | 2055-10-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                  | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAF8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   2495000 | PA      | $2503013.94   | 0.51%             | N/A             | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                              | CUSIP: ZM9188925<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   6795000 | PA      | $7099400.24   | 1.44%             | N/A             | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Omnis Funding Trust                                       | Omnis Funding Trust                                       | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3396000 | PA      | $3622017.18   | 0.73%             | 2055-05-15      | Fixed         | 6.72%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                            | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   5225000 | PA      | $5569531.28   | 1.13%             | N/A             | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| SBL HOLDINGS INC                                          | SBL Holdings Inc                                          | CUSIP: 78397DAA6<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $13951480.50  | 2.83%             | N/A             | Fixed         | 9.51%                 | Yes           | 2                  | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                        | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   4185000 | PA      | $4236395.99   | 0.86%             | N/A             | Fixed         | 6.70%                 | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3350000 | PA      | $3521615.74   | 0.71%             | 2055-03-10      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| Air Lease Corp                                            | Air Lease Corp                                            | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   5601000 | PA      | $5417301.76   | 1.10%             | N/A             | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                              | Barclays PLC                                              | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1960000 | PA      | $1962242.24   | 0.40%             | N/A             | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| DEUTSCHE BANK AG                                          | Deutsche Bank AG                                          | CUSIP: EK2626407<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5600000 | PA      | $5967018.40   | 1.21%             | N/A             | Fixed         | 8.13%                 | No            | 2                  | On Loan: No      |
| Barclays PLC                                              | Barclays PLC                                              | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3083000 | PA      | $3491028.88   | 0.71%             | N/A             | Fixed         | 9.62%                 | No            | 2                  | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                        | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   3200000 | PA      | $3552806.40   | 0.72%             | N/A             | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Reinsurance Group of America Inc                          | Reinsurance Group of America Inc                          | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     93300 | NS      | $2388480.00   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| ENERGY TRANSFER LP                                        | Energy Transfer LP                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1886000 | PA      | $1893928.74   | 0.38%             | N/A             | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | Lloyds Banking Group PLC                                  | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   6996000 | PA      | $7568745.94   | 1.54%             | N/A             | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Enbridge Inc                                              | Enbridge Inc                                              | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   8696000 | PA      | $9998104.26   | 2.03%             | 2084-01-15      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| PG&E Corp                                                 | PG&E Corp                                                 | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1979910.63   | 0.40%             | 2055-03-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| Nordea Bank Abp                                           | Nordea Bank Abp                                           | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    745000 | PA      | $758024.84    | 0.15%             | N/A             | Fixed         | 6.30%                 | Yes           | 2                  | On Loan: No      |
| Dominion Energy Inc                                       | Dominion Energy Inc                                       | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3593000 | PA      | $3924648.27   | 0.80%             | 2054-06-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Regions Financial Corp                                    | Regions Financial Corp                                    | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    163723 | NS      | $4039046.41   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Sempra                                                    | Sempra                                                    | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1921000 | PA      | $1973846.44   | 0.40%             | 2056-04-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| BNP PARIBAS                                               | BNP Paribas SA                                            | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2430000 | PA      | $2572363.98   | 0.52%             | N/A             | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| COMPEER FINANCIAL ACA                                     | Compeer Financial ACA                                     | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339500.00    | 0.07%             | N/A             | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                             | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5351000 | PA      | $5519545.80   | 1.12%             | N/A             | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Dairy Farmers of America Inc                              | Dairy Farmers of America Inc                              | CUSIP: 23385H406<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | EP               | CORP              | US        |      4400 | NS      | $420200.00    | 0.09%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Sempra                                                    | Sempra                                                    | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   6476000 | PA      | $6632298.26   | 1.35%             | 2055-04-01      | Fixed         | 6.55%                 | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   6990000 | PA      | $7102846.56   | 1.44%             | N/A             | Fixed         | 6.20%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp                                      | Bank of America Corp                                      | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  17981000 | PA      | $18718221.00  | 3.80%             | N/A             | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| VISTRA CORP                                               | Vistra Corp                                               | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1598285.52   | 0.32%             | N/A             | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| CAPITAL FARM CREDIT ACA                                   | Capital Farm Credit ACA                                   | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3201250.00   | 0.65%             | N/A             | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                                      | Edison International                                      | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1862922.13   | 0.38%             | N/A             | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Bank of Nova Scotia/The                                   | Bank of Nova Scotia/The                                   | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   2555000 | PA      | $2578517.73   | 0.52%             | 2085-10-27      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                            | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    143950 | NS      | $3765732.00   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| CHS Inc                                                   | CHS Inc                                                   | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    115393 | NS      | $2875593.56   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| TRANSCANADA TRUST                                         | Transcanada Trust                                         | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   2155000 | PA      | $2130835.77   | 0.43%             | 2082-03-07      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| FARM CREDIT BK OF TEXAS                                   | Farm Credit Bank of Texas                                 | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |     50000 | PA      | $49913.02     | 0.01%             | N/A             | Fixed         | 6.20%                 | Yes           | 2                  | On Loan: No      |
| TRANSCANADA TRUST                                         | Transcanada Trust                                         | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1460000 | PA      | $1453785.95   | 0.29%             | 2079-09-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                  | Citizens Financial Group Inc                              | CUSIP: 174610AQ8<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6458368.15   | 1.31%             | N/A             | Variable      | 7.35%                 | No            | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                 | Farm Credit Bank of Texas                                 | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   2092000 | PA      | $2179186.19   | 0.44%             | N/A             | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Nuveen Variable Rate Preferred & Income Fund

**Signature:** Gina Spunder

**Name of Signer:** Gina Spunder

**Title:** Director, Fund Financial Reporting