NPFD - Nuveen Variable Rate Preferred & Income Fund

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. March 4, 2025

   Sit Investment raised its stake to 10.5% (from 5.4%), as a passive investor.

   Original document →

2. Sept 6, 2024

   Saba sold down below 5% and stopped reporting.

   Original document →

3. Aug 14, 2024

   Sit Investment now owns 5.4%, as a passive investor.

   Original document →

4. Jan 18, 2024

   Saba now owns 5.6%. It has said it may push for changes.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of July 31, 2025, from the fund's yearly report. Original document →
• Size: about $478 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 35% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. About 33% of that is money the fund has borrowed by selling preferred shares. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 4.8% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2025. As of July 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended July 31, 2025) the fund paid $2.01 a share. $0.92 of that was income; $1.09 was your own money back, not income. As of July 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2025): $20.06. The shares traded at $19.45, about 3% below that. As of July 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 0% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +12.6%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended July 31, 2025): the value of the holdings returned +10.1%. How the share price did: the shares returned +15% over the same year, counting payouts and the change in the market price. As of July 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2021.

What the fund holds

Mostly bonds (91%), the rest preferred shares. About 63% issued in the U.S.

1. Bank of America - 3.9%
2. JPMorgan Chase & - 5.7%
3. Citigroup - 2.8%
4. Wells Fargo & - 2.8%
5. Truist Financial - 2.8%
6. Wells Fargo & Company - 2.7%
7. Sbl Holdings - 2.7%
8. Goldman Sachs Group Inc/The - 2.4%
9. Vodafone Group PLC - 2.2%
10. General Motors Finl, General Motors Financial Co Inc - 2.2%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →